A method [Sarafraz 2012] for estimating the 3D shape of underwater objects as well as the water surface using a structured light technique was recently introduced. The method employs a projector above water and a camera located under water to simultaneously estimate both the water surface elevation and the topography of the sea floor. It requires only a single image and thus can be applied to dynamic as well as static scenes. In order to study the behavior of the proposed method in the presence of error in the input parameters, in this paper we will assess the performance of the proposed method through a sensitivity analysis for different parameters of the suggested model. We have examined the topographic reconstruction method using absolute and relative sensitivity functions. We found that there were regions of the angular parameter space for which the solutions were highly sensitive to the input parameters.