A sensing system of a vehicle includes a sensor module disposed at the vehicle. The sensor module includes first and second radar sensors and a camera. A field of sensing of the first radar sensor is encompassed by a portion of a field of view of the camera and a field of sensing of the second radar sensor is encompassed by another portion of the field of view of the camera. Outputs of the radar sensors and the camera are communicated to a control. The control, responsive to processing of the outputs of the radar sensors, detects the presence of an object exterior the vehicle and within the field of sensing of at least one of the radar sensors. The control, responsive to detection of an object via processing of the outputs of the radar sensors, processes the output of the camera to classify the detected object.