Performance is analyzed for an airborne tightly coupled inertial navigation system (INS)/GPS/electro‐optical imaging (EO) system that simultaneously estimates platform states, sensor biases, and unknown ground object coordinates using a single Kalman filter. Analysis is done by (1) comparing the performance of the INS/GPS/EO system with that of conventional tightly coupled INS/GPS navigation systems, (2) changing INS and GPS performance to determine the dependency on individual sensor performance, and (3) investigating the benefits of tracking a known ground object (control point). Simulation results show that (1) poor INS/GPS yaw angle accuracy is significantly improved by tracking an unknown ground object with the INS/GPS/EO system; (2) GPS performance has effects on platform position, velocity, and orientation accuracy, while INS performance has effects mainly on platform orientation accuracy; and (3) tracking a control point results in better navigation accuracy than tracking an unknown ground object, suggesting the possibility of using control points as an alternative to GPS.