A simultaneous surface pressure and displacement measurement method that integrates pressure-sensitive paint (PSP) and binocular stereophotogrammetry is proposed. The assays were completed on the Φ4 m rotor test stand at China Aerodynamic Research and Development Center (CARDC). A single-shot lifetime approach was utilized to acquire the instantaneous pressure field on a rotor blade coated with PSP. At the same time, the PSP feature points were used to obtain the 3D coordinates of stereo cameras, which yielded the blade displacement field. The experimental results showed that the displacement measuring accuracy was better than 0.2 mm, and the pressure measurement accuracy was not affected, with Standard Deviation (STD) values below 700 Pa. The advantages of the proposed system are its simple structure, low cost, high accuracy and high test efficiency, which will offer a practical solution for the exploration of fluid–structure interplay. Hence, such a system is a prospective for the wind tunnel tests of helicopter rotor blades.