The inability to extract spatial axis and radial multi-error coupling phenomenon exists in the process of axial profile reconstruction, which is essentially a first harmonic suppression problem as well as a multi-error decoupling problem. In this paper, a four-probe system is constructed based on an L-shaped arrangement in two adjacent planes. First, the mathematical model of the first harmonic suppression problem of the shaft system is established in the first plane, and the first harmonic component of roundness error is used as the axial reference for reconstructing the profile, and the value of the first-order harmonic component is solved by theoretical derivation, and the spatial axis of the reconstructed shaft system profile is fitted with it, which proves the correctness of the established mathematical model by the data simulation. Then, the radial mixed error detection is carried out in two adjacent planes in the axial direction, and the results measured at the two measurement positions are analyzed theoretically to obtain the tilt error decoupling formula. It breaks through the limitation that the error separation online detection cannot be performed in the standard ball measurement method. The experiment verifies that the accuracy of the spatial axis is improved by up to 0.5 μm after decoupling the tilt error, and the accuracy of the reconstructed circularity profile of a single section is improved by up to 2.657 mm. In the comparison experiment with the standard ball measurement method, the difference of the measured roundness error between the two methods does not exceed 1.2 μm, which proves that the online inspection method proposed in this paper can guarantee the accuracy of the reconstructing circularity profile.