Multiple parallel encoders and statistical analysis thereof for encoding a video sequence

System and method are provided for optimally encoding a sequence of video frames using image statistics collected from multiple encoders connected in parallel, each encoder employing a different set of encode parameters. The image statistics are used to select an optimum set of encode parameters for use in encoding the sequence of video frames in a subsequent encode subsystem stage. As an alternative, multiple buffers are connected to the outputs of the multiple, parallel connected encoders, with the encoded stream from the encoder employing the optimum set of encode parameters selected for output as the bitstream of encoded video data.