Physical parameter estimation of satellite is crucial in space situation awareness as it reflects valuable information. Polarimetric inverse synthetic aperture radar (Pol-ISAR) is a powerful sensor for space surveillance, providing rich information for satellite physical parameter estimation. Parabolic antennas, which are widely loaded in remote sensing and communication satellites, have received great attention recently. Dedicated to the space situation awareness issue using Pol-ISAR, a physical parameter joint estimation method of satellite parabolic antenna with key frame Pol-ISAR images is developed in this work. The core idea is to utilize the mapping relationship between parabolic antenna in 3-D space and its projection ellipse in 2-D ISAR image. Under special observation geometry, the closed-form expressions of parabolic antenna physical parameters are deduced for the first time, providing an efficient way for parameter estimation. Moreover, the abundant information within Pol-ISAR images is mined and utilized. Various polarimetric features are adopted for ellipse extraction and the subsequent physical parameter estimation. Compared with single-polarization channel data, the superiorities of polarimetric feature are validated using electromagnetic simulation data.