Additive manufacturing (AM) technology such as selective laser melting (SLM) often produces a high reflection phenomenon that makes defect detection and information extraction challenging. Meanwhile, it is essential to establish a characterization method for defect analysis to provide sufficient information for process diagnosis and optimization. However, there is still a lack of universal standards for the characterization of defects in SLM parts. In this study, a polarization-based imaging system was proposed, and a set of characterization parameters for SLM defects was established. The contrast, defect contour information, and high reflection suppression effect of the SLM part defects were analyzed. Comparative analysis was conducted on defect characterization parameters, including geometric and texture parameters. The experimental results demonstrated the effects of the polarization imaging system and verified the feasibility of the defect feature extraction and characterization method. The research work provides an effective solution for defect detection and helps to establish a universal standard for defect characterization in additive manufacturing.