A vision system for a vehicle includes an imaging sensor having a forward field of view in a forward direction of travel of the vehicle. The imaging sensor includes an array of photosensing elements that has groupings of photosensing elements, each grouping having at least three neighboring photosensing elements. At least one photosensing element of each grouping is a red light sensitive photosensing element and at least one other photosensing element of each grouping is a white light sensitive photosensing element. A control may process image data captured by the imaging sensor to determine a taillight of a leading vehicle present in the forward field of view and traveling ahead of and in the same direction as that of the equipped vehicle. The control may process captured image data to determine rate of approach of the equipped vehicle relative to the leading vehicle.