The newly developed near-space vehicle has the characteristics of high speed and strong maneuverability, being able to perform vertical skips and a wide range of lateral maneuvers. Tracking this kind of target with ground-based radars is difficult because of the limited detection range caused by the curvature of the Earth. Compared with ground-based radars, satellite tracking platforms equipped with Synthetic Aperture Radars (SARs) have a wide detection range, and can keep the targets in custody, making them a promising approach to tracking near-space vehicles continuously. However, this approach may not work well, due to the unknown maneuvers of the non-cooperative target, and the limited computing power of the satellites. To enhance tracking stability and accuracy, and to lower the computational burden, we have proposed a Fast Distributed Multiple-Model (FDMM) nonlinearity estimation algorithm for satellites, which adopts a novel distributed multiple-model fusion framework. This approach first requires each satellite to perform local filtering based on its own single model, and the corresponding fusion factor derived by the Wasserstein distance is solved for each local estimate; then, after diffusing the local estimates, each satellite performs multiple-model fusion on the received estimates, based on the minimum weighted Kullback–Leibler divergence; finally, each satellite updates its state estimation according to the consensus protocol. Two simulation experiments revealed that the proposed FDMM algorithm outperformed the other four tracking algorithms: the consensus-based distributed multiple-model UKF; the improved consensus-based distributed multiple-model STUKF; the consensus-based strong-tracking adaptive CKF; and the interactive multiple-model adaptive UKF; the FDMM algorithm had high tracking precision and low computational complexity, showing its effectiveness for satellites tracking the near-space target.