Automatic optical inspection (AOI) for printed circuit board (PCB) assembly plays a very important role in modern electronics manufacturing industries. Well-developed inspection machines in each assembly process are required to ensure the manufacturing quality of the electronics products. However, generally almost all AOI machines are based on 2D image-analysis technology. In this paper, a 3D-measurement-method-based AOI system is proposed consisting of a phase shifting profilometer and a stereo vision system for assembled electronic components on a PCB after component mounting and the reflow process. In this system information from two visual systems is fused to extend the shape measurement range limited by $2\pi$ phase ambiguity of the phase shifting profilometer, and finally to maintain fine measurement resolution and high accuracy of the phase shifting profilometer with the measurement range extended by the stereo vision. The main purpose is to overcome the low inspection reliability problem of 2D-based inspection machines by using 3D information of components. The 3D shape measurement results on PCB-mounted electronic components are shown and compared with results from contact and noncontact 3D measuring machines. Based on a series of experiments, the usefulness of the proposed sensor system and its fusion technique are discussed and analyzed in detail.