In order to conduct high-precision measurement of the LIPS-300 ion thruster grid deformation in a vacuum, high-temperature, and plasma environment, a noncontact videometrics system using a telemicroscope was designed. Based on the captured image, the interactive partitioning edge detection method (IPEDM) was used to obtain stable and clear edges of multiple circular cooperative targets. Meanwhile, magnification factor calibration, rotation angle correction, and subpixel-level grid deformation measurement were performed with cooperative targets. The measurement results show that under the power of 750 W in the discharge chamber, the maximum thermal deformation of the screen grid is 1120 μm, and the gap between the screen grid and the accelerator grid is reduced by 420 μm. An accuracy assessment of the system shows that the grid deformation measurement accuracy is better than 12 μm, and the system satisfies the requirement of high-precision real-time measurements of the grid thermal deformation of the ion thruster under the discharge-chamber-running condition and the plasma-beam-extraction condition.