The Multi-channel Photometric Survey Telescope (Mephisto) is a real-time, three-color photometric system designed to capture the color evolution of stars and transients accurately. This telescope system can be crucial in cosmological distance measurements of low-redshift (low-z, z ≲0.1) Type Ia supernovae (SNe Ia). To optimize the capabilities of this instrument, we perform a comprehensive simulation study before its official operation is scheduled to start. By considering the impact of atmospheric extinction, weather conditions, and the lunar phase at the observing site involving the instrumental features, we simulate light curves of SNe Ia obtained by Mephisto. The best strategy in the case of SN Ia cosmology is to take the image at an exposure time of 130 s with a cadence of 3 days. In this condition, Mephisto can obtain hundreds of high-quality SNe Ia to achieve a distance measurement better than 4.5%. Given the on-time spectral classification and monitoring of the Lijiang 2.4 m Telescope at the same observatory, Mephisto, in the whole operation, can significantly enrich the well-calibrated sample of supernovae at low-z and improve the calibration accuracy of high-z SNe Ia.