Noncircular signals are widely used in the area of radar, sonar, and wireless communication array systems, which can offer more accurate estimates and detect more sources. In this paper, the noncircular signals are employed to improve source localization accuracy and identifiability. Firstly, an extended real-valued covariance matrix is constructed to transform complex-valued computation into real-valued computation. Based on the property of noncircular signals and symmetric uniform linear array (SULA) which consist of dual-polarization sensors, the array steering vectors can be separated into the source position parameters and the nuisance parameter. Therefore, the rank reduction (RARE) estimators are adopted to estimate the source localization parameters in sequence. By utilizing polarization information of sources and real-valued computation, the maximum number of resolvable sources, estimation accuracy, and resolution can be improved. Numerical simulations demonstrate that the proposed method outperforms the existing methods in both resolution and estimation accuracy.