1. A method for contactless measurements of a vehicle wheel assembly, comprising: projecting a pattern of light into a field of view; acquiring a sequence of images as the vehicle wheel assembly either rotates, or rotates and translates, through said projected pattern of light; processing said acquired sequence of images to identify a point cloud of data points for at least a portion of each of the images corresponding to surfaces of the vehicle wheel assembly; optimizing at least one pair of point clouds associated with the acquired images to compensate for an effect of wheel rotation, and if said wheel is translating, for an effect of wheel translation, between each acquired image; and identifying an axis of rotation for the vehicle wheel assembly utilizing each pair of optimized point clouds.