Stereo vision systems are constructed to mimic the way human see objects in the 3D space while getting a sense of their depth. 3D imaging is playing bigger role in creating the interface between machines and their surroundings and users. Current work presents a modified algorithm to extract depth information from stereo vision acquisitions using a correlation and a feature based approaches. The main implementation of the proposed method is in the area of autonomous Pick and Place, using a robotic manipulator.