Transforming an image reflected from a parabolic mirror

I am trying to use the OpenMV as a 360 degree camera using a parabolic lens but the images in the lens look distorted. I have heard there are ways to apply transformations to an image to account for a parabolic mirror. Is this possible/computationally realistic to do on the openMV?

Yes, but you will need to code the algorithm in C yourself. See how img_corr() works for inspiration: