Accurate three-dimensional (3D) target positioning is of great importance in many industrial applications. Although various methods for reconstructing 3D information from a set of images have been available in the literature, few of them pay enough attention to the indispensable procedures, such as target extraction from images and image correction having strong influences upon the 3D positioning accuracy. This article puts forward a high-precision ellipse center (target point) extraction method and a new image correction approach which has been integrated into the 3D reconstruction pipeline with a concise implicit model to accurately compensates for the image distortion. The methods are applied to a copyright-reserved close range photogrammetric system. Real measuring experiments and industrial applications have evidenced the proposed methods, which can significantly improve the 3D positioning accuracy.