Real-time monitoring of high-energy propellant combustion is difficult. Extreme high dynamic range (HDR), microsecond-scale particle motion, and heavy smoke often occur together. These conditions drive saturation, motion blur, and unstable particle extraction in conventional imaging. We present a closed-loop Event--SVE measurement system that couples a spatially variant exposure (SVE) camera with a stereo pair of neuromorphic event cameras. The SVE branch produces HDR maps with an explicit smoke-aware fusion strategy. A multi-cue smoke-likelihood map is used to separate particle emission from smoke scattering, yielding calibrated intensity maps for downstream analysis. The resulting HDR maps also provide the absolute-intensity reference missing in event cameras. This reference is used to suppress smoke-driven event artifacts and to improve particle-state discrimination. Based on the cleaned event observations, a stereo event-based 3D pipeline estimates separation height and equivalent particle size through feature extraction and triangulation (maximum calibration error 0.56%). Experiments on boron-based propellants show multimodal equivalent-radius statistics. The system also captures fast separation transients that are difficult to observe with conventional sensors. Overall, the proposed framework provides a practical, calibration-consistent route to microsecond-resolved 3D combustion measurement under smoke-obscured HDR conditions.