A vision system of a vehicle includes at least one camera disposed at a vehicle and having a field of view exterior of the vehicle. The camera has at least one pixelated imaging array having a plurality of photosensing elements. The pixelated imaging array includes a plurality of event-based gray level transition sensitive photosensing elements. A processor is operable to process data captured by the camera and, responsive to processing of captured data, the processor is operable to detect objects present in the field of view of the camera. The pixelated imaging array may include a first imaging array having visible light sensitive photosensing elements and a second imaging array having the plurality of event-based gray level transition sensitive photosensing elements.