A practical method for evaluating the three-dimensional (3D) position and velocity of a moving object used in the parabolic flight experiment is developed by using the binocular stereo vision measurement theory. The camera calibration mathematic model without considering the lens distortion is introduced. The direct linear transformation (DLT) algorithm is improved to accomplish the camera calibration. The camera calibration result and optimization algorithm are used to calculate the object's world coordinate from image coordinate. The 3D position and the velocity of the moving object are obtained. The standard uncertainty in estimating the velocity is 0.0024 m/s, which corresponds to 1% level of the velocity of the object in the experiment. The results show that this method is very useful for the parabolic flight experiments.