Located in Dali, Yunnan, the Zhaozhou basin is home to many precious architectural heritages, particularly the historical horse caravan architecture. These buildings face the challenge of renewal and transformation. It is of great significance to explore the local population’s awareness of the architectural heritage of the horse caravan in order to protect the architectural heritage and facilitate rural revitalization. This study reviews the related research on “space perception”, establishes a theoretical framework of space perception under the architectural dimension, and develops hypotheses. The social cluster of typical settlements in the Zhaozhou basin is selected as the research object, and empirical analyses are carried out using SPSS and AMOS software. An analytical framework model of empirical research is constructed to evaluate the space perception of the current social population. The results of the reliability and validity tests of the questionnaire show that the CR is greater than 0.7 and that the AVE is greater than 0.5. The value of the structural equation model fitting index χ2/df is 1.863, which is less than 3. The model test results show that research hypotheses H1–H5 are supported; that is, space perception has a significant positive impact on cognition and local identity, cognition has a significant positive impact on local identity and space function, and place identity has a significant positive impact on space appeal. This study demonstrates the relationship between space perception and the architectural remains of the horse caravan, and it analyzes the human psychological perception behind the material space. The findings support the need for further conservation of the horse caravan architecture. This study further deepens the theory of space perception and its application in the study of vernacular architecture, which can provide a research path for the protection and development of vernacular architectural heritage.