GNSS precise point positioning (PPP) plays an important role in retrieving atmospheric water vapor values and performing numerical weather prediction. However, traditional PPP relies on real-time orbits and clocks, which require continuous internet or satellite communication. Improved broadcast ephemerides of GNSSs offer new opportunities for PPP with broadcast ephemerides (BE-PPP) instead of using precise ephemeride products. Therefore, we investigated the feasibility of utilizing BE-PPP for retrieving zenith tropospheric delay (ZTD) and precipitable water vapor (PWV) data. We processed the GPS/Galileo observations from 80 IGS stations during a 30-day experiment to retrieve ZTD values using both real-time PPP (RT-PPP) and BE-PPP solutions. Then, we processed observations from 20 EUREF Permanent GNSS Network (EPN) stations to retrieve PWV data. The IGS final tropospheric products were used to validate the ZTD, and radiosonde (RDS) and ERA5 data were used to validate the PWV. The results show that the real-time ZTD from BE-PPP agrees well with that from RT-PPP: the standard deviation (STD) of the ZTD is 1.07 cm when using BE-PPP and 0.6 cm when using RT-PPP. Furthermore, the STD of the PWV is 1.69 mm when using BE-PPP, and 0.96 mm when using RT-PPP, compared to the ERA5-PWV. Compared to the RDS-PWV, the STD is 3.09 mm when using BE-PPP and 1.39 mm when using RT-PPP. In conclusion, the real-time ZTD/PWV products obtained using the BE-PPP solution are consistent with those of RT-PPP and meet the requirements of NWP, so this method can be used as an effective complement to RT-PPP to expand its application potential.