Advanced Ionospheric Probe (AIP) is a piggyback science payload developed by National Central Universityfor FORMOSAT-5 satelliteto explore space weather/climate and seismic precursors associated with strong earthquakes. The AIP is an all-in-one plasma sensor to measure ionospheric plasma concentrations, velocities, and temperatures in a time-sharing way and is capable of measuring ionospheric plasma irregularities at a sample rate up to 8,192 Hz over a wide range of spatial scales. Electroformed gold grids used in the AIP in theory construct planar electric potential surfaces better than woven grids. Moreover, a plasma injection test performed in Space Plasma Simulation Chamber has verified that no significant hysteresis is found in current-voltage curves measured by the AIP. It indicates that the AIP can make an accurate measurement of the ionospheric plasma parameters in space. Finally, observations of Ionospheric Plasma Electrodynamics Instrument (IPEI) onboard ROCSAT-1 satellite are applied to show that the scientific objectives of ionospheric space weather/climate and seismo-ionospheric precusors (SIPs) of the FORMOSAT-5/AIP can be fulfilled. The observations reveal that global distributions of ion parameters are helpful to study the formation and variation of temperature crests and troughs in the 2200-2300 local time sector, as well as SIPs in the density and the velocity over the epicenter area, which are anticipated for the FORMOSAT-5 satellite orbit.