Stereoscopic digital speckle photography offers a technique to measure object shapes and 3-D displacement fields in experimental mechanics. The system measures the displacement of a random white light speckle pattern, which somehow is present on the object surface, using digital correlation. This paper describes a general physical model for stereo imaging systems. A camera calibration algorithm, which takes the distortion in the lenses into account, is also presented and evaluated by real experiments. Standard deviations of small deformations as low as 1% of the pixel size for in-plane deformations and 6% of the pixel size for the out-of-plane component are reported. Using the calibration algorithm described, the main source of errors is random errors originating from the correlation algorithm.