Aiming at the problem of accurate estimation of direction-of-arrival(DOA) and polarization parameters of coherent sources by anti-radiation seeker under polarization sensitive circular array, this paper proposes a DOA and polarization parameter estimation method based on peak comparison(PC) and oblique projection(OP) transformation. At first, the polarization forward smoothing(PFS) method is used to realize the decoherence of array received signal under uniform circular array(UCA). Then, based on the PC strategy, the spectrum peak of the two-dimensional spatial spectrum is searched to achieve the direction finding of the target. Finally, using the estimated DOA information of the signal source, multiple coherent signals are decomposed into single signal units based on the OP transformation, and the polarization parameters of each signal unit are estimated. On the one hand, the proposed method speeds up the two-dimensional spectral peak search, on the other hand, it solves the problem that the PFS algorithm cannot estimate the polarization parameters, realizes the automatic pairing of DOA and polarization parameters, and has high estimation accuracy. The effectiveness of the proposed method is verified by simulation.