The problem is solved of building of a panoramic image out of a frames set received from an optical-electronic all-around-looking radar system. The article describes an optimized technique of building of panoramic images for similar systems with stationary wide-angle objective lenses. The wide field of view is provided by a small number of wide-field objective lenses. The main peculiarity of these objectives is distortion that is taken into account and compensated by the proposed technique. This technique also allows for cameras orientation. Basic equations for coordinate transformation and distortion compensation are shown in this article. Basic limitations are also shown connected with the structure of universal computer used for algorithm realization. This technique was successfully applied for sewing of panorama with sizes 1280256 pixels from four video-streams with frame format of 320256, 8 bits per pixel. Realization on digital signal processor with throughput of 9600 MIPS/MMACS gives processing speed about 90 frames per second. The proposed technique allows detectability increasing of an optical-electronic all-around looking radar without any change in hardware components.