In this paper, we investigated the performance of a two-way satellite-terrestrial DF relay network with asymmetric simultaneous wireless information and power transfer (SWIPT). In particular, selective physical-layer network coding (SPNC) was employed in the proposed network, improving the throughput performance. We derived the expressions of system average end-to-end throughput and single node detection (SND) occurrence probability. Furthermore, to observe the effects of the power splitting (PS) coefficient on the energy efficiency performance, the expressions of energy harvested in the physical-layer network coding (PNC) and SPNC protocol were also derived. Finally, theoretical analyses and Monte Carlo simulation results are presented to show: (i) SPNC protocol outperforms the conventional PNC protocol in the two-way satellite-terrestrial relay network with SWIPT in infrequent light shadowing (ILS), average shadowing (AS), and frequent heavy shadowing (FHS) Shadowed-Rician fading channels; (ii) as the channel state gets worse, SPNC protocol can achieve more performance improvement than PNC protocol; (iii) as the PS coefficient increases, the average end-to-end throughput performance increases progressively, and the average energy efficiency performance increases progressively within a certain range, while decreasing in the others.