$^{31}$P nuclear magnetic resonance (NMR) measurements have been carried out to investigate the magnetic properties and spin dynamics of Fe$^{3+}$ ($S$ = 5/2) spins in the two-dimensional triangular lattice (TL) compound Na$_3$Fe(PO$_4$)$_2$. The temperature ($T$) dependence of nuclear spin-lattice relaxation rates ($1/T_1$) shows a clear peak around N\'eel temperature, $T_{\rm N} = 10.9$~K, corresponding to an antiferromagnetic (AFM) transition. From the temparature dependence of NMR shift ($K$) above $T_{\rm N}$, an exchange coupling between Fe$^{3+}$ spins was estimated to be $J/k_{\rm B}\simeq 1.9$~K using the spin-5/2 Heisenberg isotropic-TL model. The temperature dependence of $1/T_1T$ divided by the magnetic susceptibility ($\chi$), $1/T_1T\chi$, above $T_{\rm N}$ proves the AFM nature of spin fluctuations below $\sim$ 50 K in the paramagnetic state. In the magnetically ordered state below $T_{\rm N}$, the characteristic rectangular shape of the NMR spectra is observed, indicative of a commensurate AFM state in its ground state. The strong temperature dependence of 1/$T_1$ in the AFM state is well explained by the two-magnon (Raman) process of the spin waves in a 3D antiferromagnet with an anisotropy energy gap of 5.7 K. The temperature dependence of sublattice magnetization is also well reproduced by the spin waves. Those results indicate that the magnetically ordered state of Na$_3$Fe(PO$_4$)$_2$ is a conventional 3D AFM state, and no obvious spin frustration effects were detected in its ground state.
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