The pinhole plate is a key component of the point diffraction interferometer (PDI). The reasonable improvement and simulation of this device would enhance the application of point diffraction interferometry technology during the measurement of wavefronts. The traditional point diffraction interferometry measurement method is easily disturbed by environmental noise, making it difficult to obtain high-precision dynamic measurements. This paper introduces a four-step phase-shift PDI that can be employed in a common optical path. By using the principle of the finite-difference time-domain method (FDTD), a simulation model of the orthogonal polarization point diffraction pinhole plate (OP-PDPP) structure is established. The results show that when Cr is used as the film material in the pinhole plate, the parameters include a film thickness of 150 nm, a pinhole diameter of 2 μm, a wire grid period of 150 nm, and a wire grid width of 100 nm; in addition, the comprehensive extinction ratio of the pinhole plate is the greatest and the diffraction wavefront error is the smallest. Finally, the constructed experimental system is used to test the wavefront of a flat sample with a 25.4 mm aperture, and the test results are compared with those of the ZYGO interferometer. The difference in the peak-to-valley (PV) value between the OP-PDI and the ZYGO interferometer measurement is 0.0028λ, with an RMS value difference of 0.0011λ; this verifies the feasibility of the scheme proposed in this paper. The experimental results show that the proposed OP-PDPP is an effective tool for high-precision dynamic measurement.