Converting pixel displacement into other unit?

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"You can then convert pixel based displacements to real world displacements using this factor. "

No you can't. Pixel distances correspond to angular distances. If you move to Points with fixed distance (e.g. 2 cm) from the center of your 1m`2 object to the edge, their pixel distance will decrease although their real world distance is the same.

I know that horizontal view of the camera is 45 degrees, and picture dimensions is 1024x768... how can i use that solve my problem..

...that would mean 45/1027=0.04 degrees/pixels (that's 0.00077 radians) angular resolution (call it Alpha0).

If you know the distance D of a point from the camera, calculate the distance in pixels from the image center (Dc=sqrt((x-xc)²+(y-yc)²)). The real world distance (Dw) of the point from the optical axis of the camera is:

Dw=D*sin(Dc*Alpha0)

To get the angular distance simply multiply Dc with Alpha0.

Alpha0 and Dc are easy to calculate, but to have the real world position, you need to know the distance from the camera.

So.. lets say that the distance is 1 meter. would ´Dw´ give me the result in radians.. I am quite having a hard time understanding your equation above.

Let's take a concrete example: your pixel close to the left edge, on the middle; coordinates: (12, 384). The middle of the screen is (512,384). Then the pixel distance between the middle of the screen and the point is Dc=500, the angular distance is 5000.04=20 degrees. If that point's distance from the camera is D=1m, then it is at 1sin(500*0.04)=0.34m distance from the optical axis of the camera.

Dsin(DcAlpha0) what unit is this operating in?