This paper investigates the position tracking control problem in electromagnetic satellite formation by utilizing the relative motion CW equation as the dynamic model. Firstly, a finite-time state feedback controller is derived using the adding a power integrator method, without considering external disturbances. This controller constitutes the feedback component of the composite controller. Subsequently, when the relative velocity of the system cannot be measured and is subject to external disturbances, a finite-time extended state observer is designed to estimate the relative velocity and disturbances of the system. The estimated disturbances serve as feedforward compensation, and the combination of the observer and the feedback control law achieves finite-time control without velocity measurements. Finally, it is proven that the proposed control law can achieve position tracking within a finite time. Numerical simulations at the end of the paper validate the theoretical analysis.