The single-baseline solution (SBS) model has been widely adopted by the existing global navigation satellite system (GNSS) deformation monitoring systems due to its theoretical simplicity and ease of implementation. However, the SBS model neglects the mathematical correlation between baselines, and the accuracy and reliability can be degraded for baselines with long length, large height difference or frequent satellite signal occlusion. When monitoring large-area ground settlement or long-spanned linear objects such as bridges and railroads, multiple reference stations are frequently utilized, which can be exploited to improve the monitoring performance. Therefore, this paper evaluates the multi-baseline solution (MBS) model, and constrained-MBS (CMBS) model that has a prior constraint of the spatial-correlated tropospheric delay. The reliability and validity of the MBS model are verified using GPS/BDS datasets from ground settlement deformation monitoring with a baseline length of about 20 km and a height difference of about 200 m. Numerical results show that, compared with the SBS model, the MBS model can reduce the positioning standard deviation (STD) and root-mean-squared (RMS) errors by up to (47.4/51.3/66.2%) and (56.9/60.4/58.4%) in the north/east/up components, respectively. Moreover, the combined GPS/BDS positioning performance for the MBS model outperforms the GPS-only and BDS-only positioning models, with an average accuracy improvement of about 13.8 and 25.8%, with the highest accuracy improvement of about 41.6 and 43.8%, respectively. With the additional tropospheric delay constraint, the CMBS model improves the monitoring precision in the up direction by about 45.0%.