Omni-directional sensors are useful in obtaining a 360 degree field of view with a single lens camera. In our past research, [1] we described an approach to designing a stereo panoramic imaging system using a double-lobed mirror surface. This paper extends our earlier work by relating 3D points to the 2D projections obtained by our system. Applications of the system include surveillance and security, automatic and passive monitoring for peacekeeping tasks, and fast detection of corrosion and deposits in pipelines and industrial containers. Experimental results verifying the mathematical modeling are also provided.