A vehicular vision system includes a camera disposed at an in-cabin side of a windshield of a vehicle and viewing forward of the vehicle. The control, responsive at least in part to image processing by an image processor of multiple frames of captured image data, detects an object present exterior of the equipped vehicle that is moving relative to the equipped vehicle. The control receives vehicle motion data indicative of motion of the vehicle when the vehicle is moving. The control, responsive at least in part to the received vehicle motion data, and via image processing of multiple frames of captured image data, determines motion of the detected object relative to the moving vehicle by (i) determining corresponding object points in at least two frames of captured image data and (ii) estimating object motion trajectory of the detected object based at least in part on the determined corresponding object points.