Under the experimental condition of the 50 degree incidence zenith angle and 45 degree detection azimuth, 24 groups of reflectance spectral of the mixed pixel of lotus and water body acquired using the reflex platform and FieldSpec 3 Hi-Res portable spectrum instrument. The hyperspectral space was built based on the reflectance character. The relationship between similarity and the index of lotus area ratio was analyzed using the linear, logarithm and quadratic curve fitting, and the goodness of fitting is 63.6%, 76.2% and 82.9% respectively. According to the real relationship of the mixed pixel spectral vector and the reference spectral, the best fitting model has nonlinear characteristics. The idea that the mixed pixel may have the critical value was proposed on the base of the analysis. The research result will help understand the mixed pixel further, and provide a new direction for unmixing the mixed pixel.