Test uncertainty of a towed underwater Stereoscopic Particle Image Velocimetry (SPIV) system was assessed in a towing tank. To estimate the systematic error and random error of mean velocity and turbulence properties measurement, velocity field of uniform flow was measured. Total uncertainty of the axial component of mean velocity was 1.45% of the uniform flow speed and total uncertainty of turbulence properties was 3.03%. Besides, variation of particle displacement was applied to identify the change of error distribution. In results for variation of particle displacement, the error rapidly increases with particle movement under one pixel. In addition, a nominal wake of a model ship was measured and compared with existing experimental data by five-hole Pitot tubes, Pitot-static tube, and hot wire anemometer. For mean velocity, small local vortex was identified with high spatial resolution of SPIV, but has serious disagreement in local maxima of turbulence properties due to limited sampling rate.