Due to its low cost and ease of manufacture, integrated monocular space camera and laser rangefinders are commonly used in many space applications (i.e., pose measurement of noncooperative targets). This and other composite systems estimate poses with high precision using a combination of high-resolution lateral visual and high-precision distance information. Notably, any system that is tested on ground must again receive precise on-orbit calibration because the accompanying spaceborne turntables and arms must be frequently manipulated to meet the field-of-view and distance measurement requirements and require complicated realignments. To accommodate flexible multiple target calibration, this study proposed an on-orbit model that obtains accurate pose relationships jointly using the monocular camera and laser rangefinder. First, we invented a robust calibration model and derive its pose transformation matrix based on the given component positions. We then provided an improved (simplified) orthogonal iteration algorithm that optimizes the given matrix for calibration. The influences of different factors on calibration accuracy are quantitatively analyzed via simulations, and the new method's performance is verified with real-world experiments. This system enables several novel and significant space and military applications.