A vision system of a vehicle includes a plurality of cameras disposed at the vehicle and having respective fields of view exterior of the vehicle. An image processing system is operable to process image data captured by the cameras. Responsive to processing of captured image data, the vision system is operable to generate a composite image derived from image data captured by at least two cameras of the plurality of cameras. One of the plurality of cameras functions as a master camera and the vision system, responsive to processing image data captured by the master camera, determines operating parameters for the master camera. The determined operating parameters for the master camera are used by the other cameras of the plurality of cameras.