Infrared binocular cameras, leveraging their distinct thermal imaging capabilities, are well-suited for visual measurement and 3D reconstruction in challenging environments. The precision of camera calibration is essential for leveraging the full potential of these infrared cameras. To overcome the limitations of traditional calibration techniques, a novel method for calibrating infrared binocular cameras is introduced. By creating a virtual target plane that closely mimics the geometry of the real target plane, the method refines the feature point coordinates, leading to enhanced precision in infrared camera calibration. The virtual target plane is obtained by inverse projecting the centers of the imaging ellipses, which are estimated at sub-pixel edge, into three-dimensional space, and then optimized using the RANSAC least squares method. Subsequently, the imaging ellipses are inversely projected onto the virtual target plane, where its centers are identified. The corresponding world coordinates of the feature points are then refined through a linear optimization process. These coordinates are reprojected onto the imaging plane, yielding optimized pixel feature points. The calibration procedure is iteratively performed to determine the ultimate set of calibration parameters. The method has been validated through experiments, demonstrating an average reprojection error of less than 0.02 pixels and a significant 24.5% improvement in calibration accuracy over traditional methods. Furthermore, a comprehensive analysis has been conducted to identify the primary sources of calibration error. Ultimately, this achieves an error rate of less than 5% in infrared stereo ranging within a 55-m range.