In this study, we investigated the optimal tracking performance (OTP) of feedback control systems with limited bandwidth and colored noise in a fading channel. For the steady state of the feedback control systems, an equivalent average channel (EAC) model was developed by retaining the effects of the first and second moments of the multiplicative channel output, and on the basis of the coprime decomposition, all-pass factorization, and Youla parameterization of controllers, exact expressions for the OTP were derived by designing two compensators. The expressions quantitatively show the relationship between the OTP and inherent features of the plant. Specifically, the directions and locations of unstable poles (UPs) and nonminimum phase (NMP) zeros adversely affect the tracking performance. Furthermore, the bandwidth limitation and the presence of colored noise also degrade the tracking performance. Finally, our conclusions were verified by considering a numerical arithmetic example.