Observations from the Gravity Recovery and Climate Experiment (GRACE) and GRACE Follow-On (GRACE-FO) missions can be used to estimate gravimetric excitation of polar motion (PM), which reflects the contribution of mass changes in continental hydrosphere and cryosphere to PM variation. Many solutions for Earth’s gravity field variations have been developed by institutes around the world based on GRACE/GRACE-FO data; however, it remains inconclusive which of them is the most reliable for the determination of PM excitation. In this study, we present a combined series of GRACE/GRACE-FO-based gravimetric excitation of PM computed using the three-cornered-hat (TCH) method, wherein the internal noise level in a combined solution is reduced to a minimum. We compare the combined series with results obtained from the combined GRACE/GRACE-FO solution provided by COST-G (International Combination Service for Time-variable Gravity Fields) and from the single solution elaborated by the Center for Space Research (CSR). All the gravimetric excitation series are evaluated by comparison with the sum of hydrological and cryospheric signals in geodetically observed PM excitation (called GAO). The results show that by minimizing the internal noise level in the combined excitation series using the TCH method, we can receive higher consistency with GAO than in the case of COST-G and CSR solutions, especially for the non-seasonal oscillations. For this spectral band, we obtained correlations between GAO and the best-combined series as high as 0.65 and 0.72 for the χ1 and χ2 equatorial components of PM excitation, respectively. The corresponding values for seasonal oscillation were 0.91 for χ1 and 0.89 for χ2. The combined series developed in this study explain up to 68% and 60% of overall GAO variability for χ1 and χ2, respectively.