Abstract: In stereo-structure, any changes of the relative position of sight point, scenery and picture plane can lead to variation of stereograph. The automatic equation presented in this paper includes eleven variable parameters, that is, six scenery parameters, three sight point and two picture plane ones. The desired panoramic stereographs can be established by means of the proper controlling of these parameters. The graphs thus drawn have the following three characteristics, (l)The posture of the scenery can be changed at will; (2)The panoramic observation can be done by means of tracing; (3)The picture plane can be placed anywhere if necessary. The paper also tries to fulfil the multi- picture plane panoramic stereographs.