Photovoltaics and batteries can be connected to a traction power supply system through a railway power conditioner (RPC) to switch between different control strategies. This can address power quality issues or provide emergency traction for locomotives that unexpectedly lose power and even break through traditional energy barriers in the railway field, achieving a low-carbon power supply for railway energy, and a mutual backup with substations. However, methods to coordinate the control strategies of PV and the battery locomotive traction have not been clearly revealed, nor has the actual stability of the system. In this study, to address the above issues, an emergency power supply scheme is proposed for the first time that utilizes a dual-mode RPC inverter combined with a coordinated control strategy for the PV and battery, achieving the traction of locomotives. In addition, a one-dimensional impedance model was established for the PV system, battery system, locomotive (CRH3), and RPC projected onto the dq coordinate system, and the critical amplitude margin (CAM) was defined to quantitatively analyze the sensitivity and laws of different parameters concerning the low-frequency stability of the system. At the same time, impedance ratios and passive criteria were used to reveal the stability mechanism, and parameter adjustment criteria and design suggestions were put forward. Finally, the feasibility of the emergency power supply scheme of the “PV–battery locomotive network” coupling system and the correctness of the low-frequency stability study were verified using the Starsim semi-physical experiment platform.