For a relatively small country like Korea, a radionavigation system using airships can be considered, which is to provide the navigation service utilizing the stratospheric airships that are deployed in the stratosphere at the altitude of around 20-23km, and which is an independent or a back-up radionavigation system other than current GPS or GLONASS. In this paper, a feasibility study on the constellation of stratospheric airships for the navigation system has been performed. A measure of a geometrical condition between a receiver and navigation transmitters. called the DOP (Dilution of Precision), determines the resulting positioning error of the navigation system, if the error of range measurement is predictable. Therefore, with assumption that the range measurement error of the stratospheric airship navigation system is quite similar to GPS. the several DOP values have been used to evaluate the performance of the navigation system with comparing with the DOP values of GPS as the reference values. To provide the position information of the navigation transmitters to users, a receiver cluster system fixed on the ground, called an IGPS (inverted GPS), is proposed, and the error is also evaluated using the DOP values. Five areas around five major cities in South Korea have been selected, and then by numerical simulations the DOP values are compared those of GPS to assess the performance of the proposed navigation system using stratospheric airships. The possible frequency bands have been proposed. and then link budget of the navigation transmitter has been analyzed for the proposed navigation system.