If I understood you correctly, you have two calibrated cameras observing a common scene, and you wish to recover their spatial arrangement. This is possible (provided you find enough image correspondences) but only up to an unknown factor on translation scale. That is, we can recover rotation (3 degrees of freedom, DOF) and only the direction of the translation (2 DOF). This is because we have no way to tell whether the projected scene is big and the cameras are far, or the scene is small and cameras are near. In the literature, the 5 DOF arrangement is termed relative pose or relative orientation (Google is your friend).
If your measurements are accurate and in general position, 6 point correspondences may be enough for recovering a unique solution. A relatively recent algorithm does exactly that.
Nister, D., "An efficient solution to the five-point relative pose problem," Pattern Analysis and Machine Intelligence, IEEE Transactions on , vol.26, no.6, pp.756,770, June 2004
doi: 10.1109/TPAMI.2004.17