Soil erosion is a critical ecological challenge in semi-arid regions of China, particularly in the Yellow River Basin, where Pisha sandstone slopes undergo rapid degradation. Rill erosion, driven by rainfall and overland flow, destabilizes slopes and accelerates ecosystem degradation. To address this, we developed a multi-view stereo observation system that integrates Structure-from-Motion (SFM) and multi-view stereo (MVS) for high-precision, dynamic monitoring of rill erosion. Laboratory rainfall simulations were conducted under four inflow rates (2–8 L/min), corresponding to rainfall intensities of 30–120 mm/h. The erosion process was divided into four phases: infiltration and particle rolling, splash and sheet erosion, incipient rill incision, and mature rill networks, with erosion concentrated in the middle and lower slope sections. The SFM-MVS system achieved planimetric and vertical errors of 3.1 mm and 3.7 mm, respectively, providing approximately 25% higher accuracy and nearly 50% faster processing compared with LiDAR and UAV photogrammetry. Infiltration stabilized at approximately 6.2 mm/h under low flows (2 L/min) but declined to less than 4 mm/h under high flows (≥6 L/min), leading to intensified rill incision and coarse-particle transport (up to 21.4% of sediment). These results demonstrate that the SFM-MVS system offers a scalable and non-invasive method for quantifying erosion dynamics, with direct implications for field monitoring, ecological restoration, and soil conservation planning.