A vehicular vision system includes a camera disposed at an in-cabin surface of a vehicle windshield, which includes a blackout region and a light-transmitting window through the blackout region. The camera views through the windshield at the light-transmitting window. The field of view of the camera encompasses at least part of the blackout region around the light-transmitting window, such that some of the photosensing elements do not receive light that passes through the light-transmitting window. A control processes image data captured by the camera to provide a dewarped image and does not use some of the photosensing elements of the camera when providing the dewarped image. The light-transmitting window of the blackout region is sized and shaped such that the photosensing elements that are not used by the control in dewarping the image are the same photosensing elements that do not receive light that passes through the light-transmitting window.