Computer-based reconstruction models can be used to approximate urban environments. These models are usually based on several mathematical approximations and the usage of different sensors, which implies dependency on many variables. The sensitivity analysis presented in this paper is used to weigh the relative importance of each uncertainty contributor into the calibration of a panoramic camera–LiDAR system. Both sensors are used for three-dimensional urban reconstruction. Simulated and experimental tests were conducted. For the simulated tests we analyze and compare the calibration parameters using the Monte Carlo and Latin hypercube sampling techniques. Sensitivity analysis for each variable involved into the calibration was computed by the Sobol method, which is based on the analysis of the variance breakdown, and the Fourier amplitude sensitivity test method, which is based on Fourier’s analysis. Sensitivity analysis is an essential tool in simulation modeling and for performing error propagation assessments.