A polarization conversion system separates light from an unpolarized image source into a first state of polarization (SOP) and an orthogonal second SOP, and directs the polarized light on first and second light paths. The SOP of light on only one of the light paths is transformed to an orthogonal state such that both light paths have the same SOP. A polarization modulator temporally modulates the light on the first and second light paths to first and second output states of polarization. First and second projection lenses direct light on the first and second light paths toward a projection screen to form substantially overlapping polarization encoded images. The polarization modulator may be located before or after the projection lenses. The polarization-encoded images may be viewed using eyewear with appropriate polarization filters.