This research presents the analysis of using different weighting functions for the GPS and Galileo observations in Precise Point Positioning (PPP) performance for globally located stations for one week in 2021. Eight different weighting functions of observations dependent on the elevation angle have been selected. It was shown that the use of different weighting functions has no impact on the horizontal component but has a visible impact on the vertical component, the tropospheric delay and the convergence time. Depending on the solutions, i.e., GPS-only, Galileo-only or GPS+Galileo, various weighting functions turned out to the best. The obtained results confirm that the Galileo solution has comparable accuracy to the GPS solution. Also, with the Galileo solution, the best results were obtained for functions with a smaller dependence on the elevation angle than for GPS, since Galileo observations at lower elevation angles have better performance than GPS observations. Finally, a new weighting approach was proposed, using two different weighting functions from the best GPS-only and Galileo-only for GPS+Galileo solution. This approach improves the results by 5% for convergence time and 30% for the troposphere delay when compared to using the same function.