Uniform circular array electromagnetic vector sensor (UCA-EVS) can provide omni-directional and high-resolution azimuth information and polarization information, which has been widely concerned in the field of radar signal processing. Aiming at the joint estimation of direction of arrival (DOA) and polarization parameters of coherent sources via UCA-EVS, a multi-dimensional parameter estimation method with low complexity—polarization-DOA matrix method—is proposed. First, the rank of array covariance matrix is recovered by axial virtual translation, and then the direction and polarization parameters of the signal are estimated by using the eigenvalues and eigenvectors of the matrix based on constructing polarization-DOA matrix. Different from the traditional DOA matrix method, the proposed algorithm can not only estimate the azimuth information of the signals but also provide the polarization information of the targets, and the estimated parameters can be matched automatically. At the same time, it can estimate the parameters only by using the information of three elements, which can save hardware resources. In addition, the proposed method does not need to search for spectral peaks, which not only greatly reduces the computational complexity but also loses the estimation accuracy. Simulation results verify the feasibility of the proposed algorithm.