The grasping of circular metal parts such as bearings and flanges is a common task in industry. Limited by low texture and repeated features, the point-feature-based method is not applicable in pose measurement of these parts. In this paper, we propose a novel pose measurement method for grasping circular metal parts. This method is based on cone degradation and involves a monocular camera. To achieve higher measurement accuracy, a position-based visual servoing method is presented to continuously control an eye-in-hand, six-degrees-of-freedom robot arm to grasp the part. The uncertainty of the part’s coordinate frame during the control process is solved by defining a fixed virtual coordinate frame. Experimental results are provided to illustrate the effectiveness of the proposed method and the factors that affect measurement accuracy are analyzed.