A method of estimating three-dimensional camera position information from a series of two-dimensional images that form a panorama employs common features in adjoining image pairs in the series to estimate a transform between the images in the pairs. The common features are subsequently employed to adjust an estimated rotational component of each transform by reducing error between coordinates corresponding to the common features in three-dimensional space in image pairs, on a pair-by-pair basis. A global optimization of the position estimation, used for long sequences of images such as 360 degree panoramas, refines the estimates of the rotational and focal length components of the transforms by concurrently reducing error between all 3D common feature coordinates for all adjoining pairs.