In the last decade, significant progress has been made in estimating Solar-Induced chlorophyll Fluorescence (SIF) by passive remote sensing techniques that exploit the oxygen absorption spectral regions. Although the O2–B and the deep O2–A absorption bands present a high sensitivity to detect SIF, these regions are also largely influenced by atmospheric effects. Therefore, an accurate Atmospheric Correction (AC) process is required to measure SIF from oxygen bands. In this regard, the suitability of a two-step approach, i.e., first an AC and second a Spectral Fitting technique to disentangle SIF from reflected light, has been evaluated. One of the advantages of the two-step approach resides in the derived intermediate products provided prior to SIF estimation, such as surface apparent reflectance. Results suggest that errors introduced in the AC, e.g., related to the characterization of aerosol optical properties, are propagated into systematic residual errors in the apparent reflectance. However, of interest is that these errors can be easily detected in the oxygen bands thanks to the high spectral resolution required to measure SIF. To illustrate this, the predictive power of the apparent reflectance spectra to detect and correct inaccuracies in the aerosols characterization is assessed by using a simulated database with SCOPE and MODTRAN radiative transfer models. In 75% of cases, the aerosol optical thickness, the Angstrom coefficient and the scattering asymmetry factor are corrected with a relative error below of 0.5%, 8% and 3%, respectively. To conclude with, and in view of future SIF monitoring satellite missions such as FLEX, the analysis of the apparent reflectance can entail a valuable quality indicator to detect and correct errors in the AC prior to the SIF estimation.