Learn English – use “techs” in a domain name instead of “tech”

I refuse works in place of I won't.

Can "position compensation of target objects" mean "position correction of target objects".

Quite simply: absolutely, definitely no.

In your setting:

A correction is a correction: changing value X to the correct value of X.

"compensate" is an adjustment made to help ameliorate a problem.

You need only glance in the dictionary: "(compensate for): reduce or counteract (something unwelcome or unpleasant) by exerting an opposite force or effect:"

As I explained above, in some ways, you could say "correction" and "compensate" are opposites! Example:

"Are we going to actually correct the problem in the camshaft, or are we just going to compensate for the problem by adding a balancer on the thrust plate?"