In metrology systems, machine vision systems are often utilized for non-contact inspection. The most important phase in ensuring measurement accuracy is camera calibration and estimation of pixel measurement errors, which establish the correspondence between image coordinates and object coordinates. Multiple calibration techniques improve the effectiveness of machine vision systems. However, a number of factors lead to variations in the camera calibration procedure, which must be optimized. This study explains a novel 'Cyclic-Lead-Follower' statistical methodology proposed for camera calibration and measurement to estimate the errors in pixel measurement, employing four slip gauges for measurement. Several multi-criteria decision-making techniques, including WSM, WPM, WASPAS, and TOPSIS, were used to optimize the results of the proposed Cyclic-Lead-Follower methods. The proposed Cyclic-Lead-Follower method improves the accuracy of the camera calibration and measurement system, which employs the exponential moving average statistical method when compared to the traditional calibration method. The proposed calibration method produces lower exponential moving average values than the traditional calibration method, with an average percentage error of approximately 46% in the exponential moving average. The use of an exponential moving average in a validation experiment of the Cyclic-Lead-Follower method decreased the measurement percentage errors, which were estimated to be 0.57%. The proposed method can be used in machine vision systems due to its robustness, accuracy, and cost-effectiveness.