Most existing rate control algorithms are based on the rate-quantization (R-Q) model. However, with video coding schemes becoming more flexible, it is very difficult to accurately model the R-Q relationship. Therefore, in this study we propose a novel ρ domain rate control algorithm for multiview high efficiency video coding (MV-HEVC). Firstly, in order to further improve the efficiency of MV-HEVC, this paper uses our previous research algorithm to optimize the MV-HEVC prediction structure. Then, we established the ρ domain rate control model based on multi-objective optimization. Finally, it used image similarity to analyze the correlation between viewpoints, using encoded information and frame complexity to proceed in bit allocation and bit rate control of the inter-view, frame lay, and base unit. The experimental simulation results show that the algorithm can simultaneously maintain high coding efficiency, where the average error of the actual bit rate and the target bit rate is only 0.9%.