In recent years, the measurement accuracy of digital image correlation (DIC) has garnered significant attention. Among various advancements, Gaussian weighted DIC (GW-DIC), characterized by the incorporation of Gaussian weights into correlation coefficients, stands out for its remarkable enhancement of metrological performance, especially in complex deformation fields. Herein, we establish a mathematical model to quantify systematic errors caused by undermatched shape functions in GW-DIC. This model formulates the retrieved displacement as a function of weight radius, shape function order, and the underlying displacement field. Through the model, we derive the transfer function of GW-DIC, theoretically demonstrating that GW-DIC can eliminate oscillations in the frequency domain. Moreover, we present closed-form formulas for measured displacement and peak attenuation in Gaussian displacement fields. To our knowledge, this is the first theoretical model for the measurement accuracy of GW-DIC, offering significant potential for applications in metrological performance estimation, calculation parameter optimization, and error compensation.