A method for executing straight tracking control may include receiving an input command(s) associated with controlling the operation of a first-side drive system and/or a second-side drive system of a hydrostatic transmission of a work vehicle to drive the vehicle along a straight path. The method may also include receiving first and second speed signals associated with the output speeds of the drive systems, and modifying the first speed signal or the second speed signal based on a speed scaling factor to generate a corrected speed signal. In addition, the method may include determining an adjusted control command for controlling the operation of the hydrostatic transmission as a function of the input command(s) and a control output determined based on the corrected speed signal. Further, the method may include controlling the operation of the hydrostatic transmission based at least in part on the adjusted control command.