Advanced Ionospheric Probe (AIP) is a piggyback science payload developed by National Central University for FORMOSAT-5 satellite to explore space weather/climate and seismic precursors associated with strong earthquakes. The AIP is an all-in-one plasma sensor that measures 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 8192 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 the 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, Ionospheric Plasma and Electrodynamics Instrument (IPEI) observations onboard the ROCSAT-1 satellite are applied to show that the scientific objectives of ionospheric space weather/climate and seismo-ionospheric precursors (SIPs) of the FORMOSAT-5/AIP can be fulfilled. The observations reveal that ion parameter global distributions are helpful in studying the formation and variation in 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.