With the aid of global positioning system (GPS), synchronized measurement devices (SMDs) are increasingly deployed across power systems to monitor the status of electric grids by providing accurate measurement data along with unified time stamps. Unfortunately, GPS receivers tend to lose signal lock when certain uncontrollable and unpredictable factors arise. In order to investigate the presence of GPS signal loss (GSL) issues on measurement devices, analysis is performed on historical data from both phasor data concentrators and FNET/GridEye servers. Meanwhile, the impact of GSL on field measurement accuracy has not been previously explored in depth. Through analysis and experimental tests, this paper discovers angle drift caused by GSL, which consequently leads to the total vector error exceeding the IEEE standard C37.118.1-2011. Furthermore, a compensation method is proposed to rectify the angle drift and laboratory experiments demonstrate that the proposed method does effectively reduce angle drift and mitigate the impact of GSL in SMDs.