In this study, the performance of ranging techniques for the Korea Pathfinder Lunar Orbiter (KPLO) space communication system is investigated. KPLO is the first lunar mission of Korea, and pseudo-noise (PN) ranging will be used to support the mission along with sequential ranging. We compared the performance of both ranging techniques using the criteria of accuracy, acquisition probability, and measurement time. First, we investigated the end-to-end accuracy error of a ranging technique incorporating all sources of errors such as from ground stations and the spacecraft communication system. This study demonstrates that increasing the clock frequency of the ranging system is not required when the dominant factor of accuracy error is independent of the thermal noise of the ranging technique being used in the system. Based on the understanding of ranging accuracy, the measurement time of PN and sequential ranging are further investigated and compared, while both techniques satisfied the accuracy and acquisition requirements. We demonstrated that PN ranging performed better than sequential ranging in the signal-to-noise ratio (SNR) regime where KPLO will be operating, and we found that the T2B (weighted-voting balanced Tausworthe, voting v = 2) code is the best choice among the PN codes available for the KPLO mission.