Camera imaging through refractive interfaces is a crucial issue in photogrammetric measurements. Most past studies adopted numerical optimization algorithms based on refractive ray tracing procedures. In these studies, the camera and interface parameters are usually calculated iteratively with numerical optimization algorithms. Inappropriate initial values can cause iterations to diverge. Meanwhile, these iterations cannot efficiently reveal the accurate nature of refractive imaging. Therefore, obtaining camera calibration results that are both flexible and physically interpretable continues to be challenging. Consequently, in this study, we modeled refractive imaging by employing ray transfer matrix analysis. Subsequently, we deduced an analytical refractive imaging (ARI) equation that explicitly describes the refractive geometry in a matrix form. Although this equation is built upon the paraxial approximation, we executed a numerical experiment that shows that the developed analytical equation can accurately illustrate refractive imaging with a considerable object distance and a slightly tilted angle of the flat interface. This ARI equation can be used to define the expansion center and the normal vector of the flat interface. Finally, we also propose a flexible measurement method to determine the orientation of the flat interface, wherein the orientation can be measured rather than calculated by iterative procedures.