Go back to the 0-level resolution of the object, select it and export it to an .obj file from File >, Export Selection… Go to Maps >, Extract Texture Maps >, New operation… and in the following dialog select Vector Displacement Map. For Target Models select the 0-level resolution of the object, for Source Models select the resolution that you want to bake (typically the highest resolution). Set the Vector Space to Absolute Tangent – this is important, none of the other modes will work properly. To the right is what the final extraction options should look like (click on the image for full resolution): Select the shape node of the imported object and apply V-Ray subdivision attributes to it. Leave the settings at their default values: After that, assign a new material to the object (I used a VRayFastSSS2 material with the Milk (skimmed)preset, and assign a displacement shader to it. Create a File texture for the displacement source and point it to the exported .exr vector displacement file. For Maya 2012, leave the map attached to the Displacement slot of the displacement shader, and not to the Vector Displacement one. With the File node still selected, go to the Attribute Editor, Attributes >, VRay >, Allow negative shader colors. This will add a V-Ray specific option to the File node, telling V-Ray that negative colors are okay for this textures. Another option would be to enable negative shader colors globally in the V-Ray settings. If you don’t set one of these options, V-Ray will clip negative portions from the displacement map and it will produce wrong results. Select the shape node for the imported object, and in the Attribute Editor, go to Attributes >, VRay >, Displacement control. This will add a group of attributes to the shape for controlling the displacement. Set the Displacement type to Vector displacement (absolute). Optionally you can add the Subdivision and displacement quality group of attributes to control the quality of the displacement result. Copyright © 2016 Chaos Software Ltd. All Rights Reserved. V-Ray and the V-Ray logo are registered trademarks of Chaos Software Ltd. in Bulgaria and/or other countries. Autodesk and Maya are registered trademarks or trademarks of Autodesk, Inc., and/or its subsidiaries and/or affiliates in the USA and/or other countries. Microsoft, Windows, Windows Vista and Windows NT are either registered trademarks or trademarks of Microsoft Corporation in the United States and/or other countries. Apple, Mac and Mac OS are trademarks of Apple Inc., registered in the U.S. and other countries. Linux is a registered trademark of Linus Torvalds in the U.S. and other countries. All other brand names, product names, or trademarks belong to their respective holders. Source.