This paper presents an attractive position-based visual servoing approach for camera-in-hand robotic systerns. The major contribution of this work is in devising an elegant and pragmatic approach for 3D visual tracking, which yielded good target tracking performance. It differs from the other known techniques, in its approach for image interpretation and the introduction of a Smith-like predictor control structure to overcome the inherent multi-rate time delayed nature of the visual servoing system. A complete description is made of the proposed MSP-DH visual servoing system. Experiments on the target tracking performance on XY planar motion using an AdeptOne robotic system are presented to illustrate the controller performance. In addition, experimental results have clearly shown the capability of the MSP-DH visual servoing system in performing 3D-dynamic visual servoing.