A wear measurement system for a component is disclosed. The wear measurement system may have an imaging device configured to obtain a plurality of two-dimensional images of the component. The wear measurement system may also have a controller. The controller may be configured to generate a three-dimensional point cloud representing the component based on the two-dimensional images. The controller may also be configured to select at least two reference points appearing in each of a subset of images selected from the two-dimensional images. Further, the controller may be configured to determine locations of the two reference points in the three-dimensional point cloud. The controller may also be configured to determine an image distance between the locations. In addition, the controller may be configured to determine an amount of wear based on the image distance.