The system integrating fringe projection profilometry (FPP) and digital image correlation (DIC) combines the high-precision measurement characteristics of both methods in the spatial and temporal domains. However, speckle image noise severely affects the measurement precision. To address this, this paper proposed a pixel-wise iterative noise suppression method for speckle images and provides a detailed theoretical derivation to analyze the noise suppression mechanism. Numerical simulations were performed to systematically investigate the effects of image sequence quantity and noise levels on the proposed method. Simulation results demonstrate the method’s effectiveness in suppressing speckle image noise. A wedge block pure translation and a beam’s four-point bending experiment were carried out, and the results were compared with those of the conventional three-dimensional digital image correlation (3D-DIC) method. It is proved that the proposed method can effectively reduce the error caused by speckle image noise. Experimental validation confirms significant improvements in both displacement and strain measurement precision.