Crop leaf length, perimeter, and area serve as vital phenotypic indicators of crop growth status, the measurement of which is important for crop monitoring and yield estimation. However, processing a leaf point cloud is often challenging due to cluttered, fluctuating, and uncertain points, which culminate in inaccurate measurements of leaf phenotypic parameters. To tackle this issue, the RKM-D point cloud method for measuring leaf phenotypic parameters is proposed, which is based on the fusion of improved Random Sample Consensus with a ground point removal (R) algorithm, the K-means clustering (K) algorithm, the Moving Least Squares (M) method, and the Euclidean distance (D) algorithm. Pepper leaves were obtained from three growth periods on the 14th, 28th, and 42nd days as experimental subjects, and a stereo camera was employed to capture point clouds. The experimental results reveal that the RKM-D point cloud method delivers high precision in measuring leaf phenotypic parameters. (i) For leaf length, the coefficient of determination (R2) surpasses 0.81, the mean absolute error (MAE) is less than 3.50 mm, the mean relative error (MRE) is less than 5.93%, and the root mean square error (RMSE) is less than 3.73 mm. (ii) For leaf perimeter, the R2 surpasses 0.82, the MAE is less than 7.30 mm, the MRE is less than 4.50%, and the RMSE is less than 8.37 mm. (iii) For leaf area, the R2 surpasses 0.97, the MAE is less than 64.66 mm2, the MRE is less than 4.96%, and the RMSE is less than 73.06 mm2. The results show that the proposed RKM-D point cloud method offers a robust solution for the precise measurement of crop leaf phenotypic parameters.