Accurately monitoring the morphology and spatiotemporal evolution characteristics of the entire process of slope erosion rill development is essential to circumvent the limitations inherent in traditional methods that rely on average flow velocity for hydrodynamic parameter calculations. This study employs an environmental chamber and a self-developed slope erosion test device to perform erosion tests on slopes with varying gradients and rainfall intensities. By integrating the structure-from-motion (SfM) method, fixed grid coordinate method, and continuous camera combined with the dye tracer technique, the morphological indexes and hydrodynamic parameters of the entire rill development process are precisely computed. The main conclusions are as follows: The entire process of slope rill development can be divided into three distinct stages. The initial stage is characterized by the appearance of tiny rills with mild erosion. The middle stage involves severe transverse spreading erosion and longitudinal undercutting, resulting in diverse rill morphologies. The final stage is marked by the stabilization of morphological characteristics. The peak slope soil loss is observed during the middle stage of rill development. The most effective parameters for characterizing slope soil loss from the beginning to the end are the Reynolds number and flow shear stress, the Froude number and flow shear stress, and the Froude number during different periods. Throughout the development of rills, the flow velocity initially decreases and then gradually increases until it stabilizes. The morphological indexes, including rill density, dissected degree, inclination, and complexity, generally show an increasing trend. However, in the middle stage, the rate of increase slows down, followed by a sharp rise at certain points. The optimal hydraulic parameters for evaluating rill density across different slope gradients, which were found to be the Darcy–Weisbach drag coefficient and real-time flow velocity, for assessing rill dissected degree, complexity, and inclination, were the Reynolds number and flow power. Under varying rainfall intensities, the most effective hydraulic and kinetic parameters for evaluating rill density, dissected degree, and inclination were flow shear stress and Reynolds number; for assessing rill complexity, the Reynolds number and flow power were used. The findings of this research enhance the accuracy of hydrodynamic parameter calculations in rill erosion tests, enable precise prediction of rill development trends on slopes, and offer innovative approaches for real-time dynamic monitoring of rill morphology and characteristics. These advancements are of significant importance for soil and water conservation and sustainability.