This page provides information on the standalone Lens Analysis Tool that is included with V-Ray for 3ds Max.
The lens analysis utility is the primary tool V-Ray supplies for creating, previewing, and editing of V-Ray lens files (*.vrlens), and contains a camera distortion analyzer, and a tool for correcting/distorting images. The VRLENS files can be used in 3ds Max, Maya etc. to provide realistic (measured) camera distortion (as opposed to the simple quadratic and cubic modes). The VRLENS format also supports zoom lenses, and the distortion parameters are linked to the focal length of the V-Ray Physical Camera. So, as the camera is zoomed in and out, the distortion parameters are automatically varied. This provides for a very realistic level of camera distortion simulation.
The lens analysis utility can be accessed from the bin folder located under C:\Program Files\Chaos Group\V-Ray\3ds Max 20XX. Additionally, it can be opened from Start Menu > Programs > V-Ray for 3ds Max > Tools > Lens Analysis Tool.
Start the lens_analyzer executable from C:\Program Files\Chaos Group\V-Ray\3ds Max 20XX\bin\
Here is a list of links and references about the Lens Analysis Utility implementation.
 George Vass, Tamas Perlaki, A Practical Analytic Model for Daylight, Colorfront Ltd.
An online version can be found at http://www.vassg.hu/pdf/vass_gg_2003_lo.pdf
This paper may be helpful help understand the tool's function and to fine tune lenses or their profiles.