To reduce the complexity of direction-of-arrival (DOA) algorithms in polarization-sensitive arrays and maintain high estimation accuracy while decreasing runtime, this paper proposes a channel compression model based on orthogonal dipole arrays. In addition, a DOA estimation algorithm using atomic norm minimization (ANM) is introduced for this model. This algorithm performs eigenvalue decomposition on the covariance matrix of the data received from the polarization-sensitive channel compressed array. A new observation vector is constructed for the ANM problem under the channel compression model using the obtained eigenvalues and eigenvectors. Subsequently, a Toeplitz matrix is constructed from the optimal solution of the semi-positive definite programming (SDP) problem. The Vandermonde decomposition of the Toeplitz matrix provides estimates of the signal DOA parameters. By combining the vectorization result of the covariance matrix and the least-squares calculation, the polarization auxiliary angle and polarization phase angle information of the incident source are also obtained. Simulation experiments compare the root-mean-squared error (RMSE) of each algorithm at different angular intervals and signal-to-noise ratios (SNR) to confirm the validity of estimating DOA and polarization parameters.