In this paper, we provide a theoretical error analysis of a satellite ephemeris calibration for the dual-satellite TDOA/FDOA geolocation method. First, the error covariance matrix for the ephemeris calibration is derived. Then, the result is incorporated into the error covariance matrix for geolocation. The derived equation is numerically evaluated to provide an intensive error analysis in time and spatial coordinates. Further, Monte Carlo simulation results are provided, and it is shown that the theoretical results coincide with the Monte Carlo simulation results.