This paper discusses a method for obtaining accurate 3D measurements using a temporally encoded structured light system. An objective of the work was to have a balance in the accuracy of all components in the system. This was achieved by including lens distortion in the models for both the camera and projector which comprise the structured light system. In addition, substripe estimation was used to estimate projector stripe values as a complement to subpixel estimators used for locating image features. Experimental evaluation shows that it is important to use substripe estimation and incorporate lens distortion in the projector model.