Thermal deformation and aerodynamic loads cause axial displacement of shrouded turbine blades, resulting in capacitive sensors deviating from their calibrated positions and thus substantially diminishing the accuracy of labyrinth tip clearance measurements. To tackle this challenge, this study introduces a synchronous measurement method for blade tip clearance and axial displacement using a V-shaped capacitive probe. Initially, theoretical analysis highlights the inherent limitation of traditional circular-core capacitive sensors in detecting the direction of axial displacement due to their symmetrical design, and a nonlinear model is developed to quantify the measurement error induced by axial displacement on blade tip clearance. Subsequently, a V-shaped core capacitive probe is proposed to decouple axial displacement effects from tip clearance measurements by leveraging characteristic waveform parameters such as peak-to-peak voltage (Vpp) and waveform area (Scw). A binary polynomial mapping model is established to associate these parameters with blade tip clearance and axial displacement values. By integrating adaptive filtering and a third-order sinusoidal fitting algorithm, accurate extraction of both parameters is achieved. A dynamic experimental platform is built, and two-dimensional calibration and validation are performed within axial displacement ranges of ±1 mm and tip clearance from 0.5 to 1.5 mm. The results demonstrate that the blade tip clearance measurement achieves an accuracy better than 8 μm—an improvement of 96.8% compared to traditional capacitive methods—while axial displacement is measured with an accuracy of 21.6 μm, including directional identification. Comparative tests with conventional circular-core probes reveal a reduction in tip clearance measurement error under axial displacement from 0.25 mm to 8 μm, validating the effectiveness of the proposed approach. This method offers a robust solution for real-time monitoring of shrouded blade tip clearance under axial displacement, providing significant engineering benefits for intelligent engine operation and active clearance control development.