1. A vision system for a vehicle, said vision system comprising: a plurality of cameras disposed at a vehicle equipped with said vision system, wherein said plurality of cameras comprises a front camera having a field of view forward of the equipped vehicle, a rear camera having a field of view rearward of the equipped vehicle, a driver side camera having a field of view sideward of the equipped vehicle, and a passenger side camera having a field of view sideward of the equipped vehicle; a processor operable to process image data captured by said plurality of cameras; wherein said processor processes image data captured by at least some of said front camera, said rear camera, said driver side camera and said passenger side camera to generate images derived from image data captured by the at least some of said front camera, said rear camera, said driver side camera and said passenger side camera; wherein said processor is operable to generate a three dimensional vehicle representation; a display screen viewable by a driver of the equipped vehicle, wherein said display screen is operable to display the generated images and to display the three dimensional vehicle representation as would be viewed from a virtual camera viewpoint exterior to and higher than the equipped vehicle itself; wherein the displayed images are representative of an environment at least partially surrounding the equipped vehicle; and wherein a portion of the three dimensional vehicle representation is rendered as displayed to be at least partially transparent to enable viewing at said display screen of an object present exterior of the equipped vehicle that would otherwise be partially hidden by non-transparent display of that portion of the three dimensional vehicle representation.