Normalization correction is necessary to obtain high-quality reconstructed images in positron emission tomography (PET). There are two basic types of normalization methods: the direct method and component-based methods. The former method suffers from the problem that a huge count number in the blank scan data is required. Therefore, the latter methods have been proposed to obtain high statistical accuracy normalization coefficients with a small count number in the blank scan data. In iterative image reconstruction methods, on the other hand, the quality of the obtained reconstructed images depends on the system modeling accuracy. Therefore, the normalization weighing approach, in which normalization coefficients are directly applied to the system matrix instead of a sinogram, has been proposed. In this paper, we propose a new component-based normalization method to correct system model accuracy. In the proposed method, two components are defined and are calculated iteratively in such a way as to minimize errors of system modeling. To compare the proposed method and the direct method, we applied both methods to our small OpenPET prototype system. We achieved acceptable statistical accuracy of normalization coefficients while reducing the count number of the blank scan data to one-fortieth that required in the direct method.