We propose a coding and decoding algorithm for stripe boundaries using binary space based on the binocular structured light system. First, the binary space is defined. Second, the projected patterns are layered in the order of projection; subsequently, the initial binary space for the first layer of the stripe image is constructed. Third, based on the sequence of black and white stripes in the initial binary space, the boundary lines of the second layer of the stripe image are extracted in two subspaces. By repeating the aforementioned operation, the next sets of boundaries of each layer are obtained from the binary subspace constructed using the previous layer. During this process, the boundaries are decoded according to the extraction order by considering the consistency of the state of the binary space in the left and right views. Moreover, broken boundaries are connected according to the direction of the binary space. Finally, by linearly fitting the forward and inverse stripe boundaries, we observe the sub-pixel edge points from the intersection of two lines. The experimental results indicate that the entire boundary line can be accurately obtained using the proposed algorithm. Furthermore, the decoding accuracy is up to 100%, and the reconstruction result for the plane has an error of 0.0993 mm. Furthermore, the proposed algorithm has a strong anti-interference for the stripe of a complex scene.