Accurate oscillating saw tool calibration is an important task for mandibular osteotomy robots to perform precise cutting operations. However, in contrast to traditional tool calibration which just calibrates the tool center position (TCP) or the tool feed axis, both the position and the plane orientation of the saw should be carefully calibrated. Therefore, aiming at this problem, in this paper, we propose a method to carry out oscillating saw calibration by employing an optical stereo vision tracking system. At first, hand–eye calibration is conducted to ascertain the spatial pose of the vision frame within the manipulator’s base frame. Subsequently, employing a probe, the positions of the sawtooth points on the oscillating saw plane are captured within the vision frame. These positions are then translated to the manipulator’s end-effector frame using the positional elimination algorithm proposed in this paper. Finally, the pose of the oscillating saw plane within the manipulator’s end-effector frame is extrapolated from the positions of the three sawtooth points. The result shows that the position errors of the points on the oscillating saw plane are within 0.25 mm and the variance of the plane normal direction is 1.93∘ in the five experiments. This approach enables accurate calibration of the oscillating saw plane’s position and orientation within the manipulator’s end-effector frame. Furthermore, it mitigates the necessity of continual adjustments to the joint angles of the manipulator as required by the “six-point method”. However, this approach is hinged upon the availability of precision-oriented 3D positioning equipment.