A vision system for a vehicle that identifies and classifies objects (targets) located proximate a vehicle. The system comprises a sensor array that produces imagery that is processed to generate depth maps of the scene proximate a vehicle. The depth maps are processed and compared to pre-rendered templates of target objects that could appear proximate the vehicle. A target list is produced by matching the pre-rendered templates to the depth map imagery. The system processes the target list to produce target size and classification estimates. The target is then tracked as it moves near a vehicle and the target position, classification and velocity are determined. This information can be used in a number of ways. For example, the target information may be displayed to the driver, the information may be used for an obstacle avoidance system that adjusts the trajectory or other parameters of the vehicle to safely avoid the obstacle. The orientation and/or configuration of the vehicle may be adapted to mitigate damage resulting from an imminent collision, or the driver may be warned of an impending collision.