Lunar observations have been used for sensor performance assessments for a number of Earth-observing instruments, including the Moderate Resolution Imaging Spectroradiometer (MODIS) onboard Terra and Aqua, and the Visible Infrared Imaging Radiometer Suite (VIIRS) onboard Suomi-NPP (SNPP) and NOAA-20 (N20). While the primary purpose of lunar observations in MODIS and VIIRS is radiometric calibration, these observations have been leveraged for other sensor performance assessments, such as spatial registration and deriving the modulation transfer function (MTF). In this work, we will derive the lunar MTF using a knife-edge approach similar to the previous work. However, to further isolate the edge of the lunar disk when deriving the edge spread function (ESF), we will apply a lunar surface variation correction using a model based on data obtained by the spectral profiler (SP) onboard the SELENE spacecraft. This model was provided to us by the National Institute of Advanced Industrial Science and Technology (AIST) in Japan. To align the measured and modeled data, we developed techniques for projecting the measured lunar surface pixels onto the radiance maps produced by the SP model. We correct the lunar surface variation while preserving the signal of the lunar disk edge in the ESF and then calculate the MTF results using standard techniques. These results are in good agreement with previously published results from both Moon-based observations in MODIS and VIIRS and from the spectroradiometric calibration assembly (SRCA) on MODIS. With the exception of MODIS bands 1 and 2, the MTF is stable on orbit for the reflective bands in both instruments.