A vision system of a vehicle includes at least one camera configured to be disposed at a vehicle so as to have a field of view exterior of the vehicle. Responsive to image processing of captured image data and with the at least one camera disposed at the vehicle, the image processor determines a three dimensional object present in the field of view of the camera and determines a point of interest on the determined object. The vision system uses triangulation to determine an estimated location in three dimensional space of the determined point of interest. The vision system processes additional frames of captured image data to enhance the estimation of the location in three dimensional space of the determined point of interest. The image processor is operable to estimate a distance to the determined object by comparing multiple frames of captured image data.