Reasonable allocation of space-based radar resources is a crucial aspect of improving the accuracy of space multi-target tracking and enhancing spatial awareness. The conventional resource allocation algorithm fails to exploit the high dynamic radar cross-section (RCS) characteristics, resulting in poor tracking robustness, tracking divergence, or even loss of tracking. However, the RCS of space targets fluctuates considerably in actual tracking scenarios, which cannot be disregarded for space target tracking tasks. To address this issue, we propose an adaptive allocation method that considers the dynamic RCS fluctuation characteristic for space-based radar tracking assignments. The proposed method exploits the predictable orbital information of space target to calculate the real-time observation angle of radar, and then obtains the multi-target dynamic RCS through the target RCS dataset. By combining the obtained RCS sequence, radar power, and bandwidth, an optimal model for radar tracking accuracy is established based on the multi-target posterior Cramér–Rao lower bound (PCRLB) to evaluate the tracking performance. By resolving the aforementioned multivariance optimization problem, we eventually acquire the results of power and bandwidth pre-allocation for tracking multiple space targets. Simulation results validate that, compared with the traditional methods, the proposed joint dynamic RCS power and bandwidth allocation (JRPBA) method can achieve superior tracking accuracy and minimize instances of missed tracking.