A display system of an excavating machine including a work machine with a bucket and a main body part to which the work machine is attached, includes: a storage storing positional information of a design surface indicating a design land shape and outer shape information of the bucket; and a processor determining, among measurement reference points predetermined along an outer shape of a buttock part of the bucket for measuring a position, including at least a tip of the bucket, a measurement reference point closest to the design surface, based on information on a current position of the excavating machine, information on a posture of the main body part, information on a position of the tip of the bucket, and the outer shape information of the bucket.