The efficiency of interior orientation parameters (IOPs) and exterior orientation parameters (EOPs) of the Satellite Pour l'Observation de la Terre 5 (SPOT-5) has been investigated with respect to georeferencing accuracy. A couple of SPOT-5 high-resolution geometric panchromatic level-1A stereoimages with 5-m ground sampling distance covering Zonguldak (Turkey) test field were used for this purpose using orientation parameters provided by metadata files. Ground control points are obtained by Global Positioning System observations. For the purpose of establishing geometric relationship between image and ground coordinate systems, an orbit-attitude parametric model has been used considering imaging geometry of sensor and ephemeris data of satellite. Adjustment consisting of the Gauss-Helmert model was performed in pre- and bundle-adjustment steps. Analyses show that the most efficient parameters are IOPs defined by look angles while EOPs are not significant on the accuracy. The validation of the EOPs and the correlation among IOPs and EOPs are also statistically analyzed. Different variations of point distribution and EOP configurations were preferred, achieving the georeferencing accuracies as similar to +/- 1 m and similar to +/- 5 m at control and check points, respectively. All computations are performed via the developed program package called GeoSpot in Matlab platform.