A trailering assist system for a vehicle includes a rearward facing camera disposed at a rearward portion of a vehicle equipped with the trailering assist system. The rearward facing camera is operable to capture image data representative of the scene rearward of the equipped vehicle. When a trailer is near and/or attached to the equipped vehicle and is rearward of the equipped vehicle, a processor is operable to process the captured image data and, responsive at least in part to such processing, is operable to determine a trailer angle of the trailer relative to a longitudinal axis of the equipped vehicle.