The poloidal magnetic field (B_p) plays a critical role in plasma equilibrium, confinement and transport of magnetic confinement devices. Multiple diagnostic methods are needed to complement each other to obtain a more accurate B_p profile. Recently, the laser-driven ion-beam trace probe (LITP) has been proposed as a promising tool for diagnosing B_p and radial electric field (E_r) profiles in tokamaks [Yang X Y et al 2014 Rev. Sci. Instrum. 85 11E429]. The spherical tokamak (ST) is a promising compact device with high plasma beta and naturally large elongation. However, when applying LITP to diagnosing B_p in STs, the larger B_p invalidates the linear reconstruction relationship for conventional tokamaks, necessitating the development of a nonlinear reconstruction principle tailored to STs. This novel approach employs an iterative reconstruction method based on Newton’s method to solve the nonlinear equation. Subsequently, a simulation model to reconstruct the B_p profile of STs is developed and the experimental setup of LITP is designed for EXL-50, a middle-sized ST. Simulation results of the reconstruction show that the relative errors of B_p reconstruction are mostly below 5%. Moreover, even with 5 mm measurement error on beam traces or 1 cm flux surface shape error, the average relative error of reconstruction remains below 15%, initially demonstrating the robustness of LITP in diagnosing B_p profiles in STs.