Utilizing the optical characteristics of the target for detection and localization does not require actively emitting signals and has the advantage of strong concealment. Once the optoelectronic platform mounted on the unmanned aerial vehicle (UAV) detects the target, the vector pointing to the target in the camera coordinate system can estimate the angle of arrival (AOA) of the target relative to the UAV in the Earth-centered Earth-fixed (ECEF) coordinate system through a series of rotation transformations. By employing two UAVs and the corresponding AOA measurements, passive localization of an unknown target is possible. To achieve high-precision target localization, this paper investigates the following three aspects. Firstly, two error transfer models are established to estimate the noise distributions of the AOA and the UAV position in the ECEF coordinate system. Next, to reduce estimation errors, a weighted least squares (WLS) estimator is designed. Theoretical analysis proves that the mean squared error (MSE) of the target position estimation can reach the Cramér–Rao lower bound (CRLB) under the condition of small noise. Finally, we study the optimal placement problem of two coplanar UAVs relative to the target based on the D-optimality criterion and provide explicit conclusions. Simulation experiments validate the effectiveness of the localization method.