This study optimized the design of an aeration device for pond engineered recirculating aquaculture systems (RASs) whose application is aimed at increasing dissolved oxygen (DO) levels in RAS aquaculture practice. DO is a key factor in aquaculture productivity, and oxygenators are the power devices used for regulating its levels in aquaculture ponds. In this study, grass carp (Ctenopharyngodon idellus) aquaculture trials were conducted in a self-built RAS by using the new aeration device (NAD); the microporous and impeller aeration components were individually tested in terms of performance, and then combined for the orthogonal testing of their operating parameters in order to assess the NAD’s oxygenation capacity. The test results show that the device effectively increased the dissolved oxygen levels in the RAS tank, enhanced the upper–lower water layer exchange and directional flow, and met the design and parameter selection requirements. Compared with the existing RAS oxygenation equipment, the NAD operated with the optimal parameters and increased the oxygen transfer rate in the pond water tank by 122%.