Direct metal laser deposition (DMLD) is an additive manufacturing technique suitable for coating and repair, which has been gaining a growing interest in 3D manufacturing applications in recent years. However, its diffusion in the manufacturing industry is still limited due to technical challenges to be solved—both the sub-optimal quality of the final parts and the low repeatability of the process make the DMLD inadequate for high-value applications requiring high-performance standards. Thus, real-time monitoring and process control are indispensable requirements for improving the DMLD process. The aim of this study was the optimization of deposition strategies for the fabrication of thin walls in AISI 316L stainless steel. For this purpose, a coaxial monitoring system and image processing algorithms were employed to study the melt pool geometry. The comparison tests carried out highlighted how the region-based active contour algorithm used for image processing is more efficient and stable than others covered in the literature. The results allowed the identification of the best deposition strategy. Therefore, it is shown how this monitoring methodology proved to be suitable for designing and implementing the right building strategy for DMLD manufactured 3D components. A fast and stable image processing method was achieved, which can be considered for future closed-loop monitoring in real-time applications.