To improve simulation precision, the signal model of navigation satellite signal simulators is illustrated, and the generation mechanism and evaluation criteria of an important error source-phase jitter in baseband signal generation, are studied subsequently. An improved baseband signal generator based on dual-ROM look-up table structure is designed with the application of a newly-established concept-virtual sampling rate. Pre-storage of typical baseband signal data and sampling rate conversion adaptive to Doppler frequency shifts are adopted to achieve the high-precision simulation of baseband signals. Performance analysis of the proposed baseband signal generator demonstrates that it can successfully suppress phase jitter and has better spectral performance, generating high-precision baseband signals, which paves the way to improving the overall precision of navigation satellite signal simulators.