A near optimal streaming system for stereoscopic video is proposed. Initially, the stereoscopic video is separated into three layers and the approximate analytical model of the Rate-Distortion (RD) curve of each layer is calculated from sufficient number of rate and distortion samples. The analytical modeling includes the interdependency of the defined layers. Then, the analytical models are used to derive the optimal source encoding rates for a given channel bandwidth. The distortion in the quality of the stereoscopic video that is caused by losing a NAL unit from the defined layers is estimated to minimize the average distortion of a single NAL unit loss. The minimization is performed over protection rates allocated to each layer. Raptor codes are utilized as the error protection scheme due to their novelty and suitability in video transmission. The layers are protected unequally using Raptor codes according to the parity ratios allocated to the layers. Comparison of the defined scheme with two other protection allocation schemes is provided via simulations to observe the quality of stereoscopic video.