A low-cost approach for three-dimensional (3-D) full-field displacement measurement is applied for the analysis of large displacements involved in two different mechanical events. The method is based on a combination of fringe projection and two-dimensional digital image correlation (DIC) techniques. The two techniques have been employed simultaneously using an RGB camera and a color encoding method; therefore, it is possible to measure in-plane and out-of-plane displacements at the same time with only one camera even at high speed rates. The potential of the proposed methodology has been employed for the analysis of large displacements during contact experiments in a soft material block. Displacement results have been successfully compared with those obtained using a 3D-DIC commercial system. Moreover, the analysis of displacements during an impact test on a metal plate was performed to emphasize the application of the methodology for dynamics events. Results show a good level of agreement, highlighting the potential of FP + 2D DIC as low-cost alternative for the analysis of large deformations problems.