With the development of the Low Earth Orbit (LEO) communication constellations, it has become a hot area of research to provide additional navigation augmentation services. Limited by volume, weight, power consumption, and running time, the in-flight performance of navigation augmentation payload remains to be investigated. In this paper, we analyze the data quality of on-board GNSS observation and evaluate the precision of short-arc dynamic Precise Orbit Determination (POD) performance based on the WangTong-01 (WT01) mission. Furthermore, the downlink navigation measurement data of WT01 satellites are analyzed and compared with the GNSS observations. The results show that the average multipath errors of the WT01 on-board GPS L1, L2 and BeiDou Satellite Navigation System (BDS) B1, B2 code observation are 0.54, 0.74, 0.65, and 0.58 m, respectively. The short-arc dynamic POD three-dimensional (3D) overlapping accuracy is 7.1 cm. The average multipath errors of downlink navigation signal Z1 and Z2 are 0.81 and 0.80 m, respectively, which at the same order of magnitude as GNSS signals. The maximum Carrier-to-Noise Ratio (C/N0) value of WT01 downlink measurement data can reach 60 dB Hz, which is much stronger than GNSS and indicates the navigation signals of LEO satellites can meet the basic requirement of navigation augmentation.