I have already replied by email - now I am reposting for the benefit of others.
HDR-VDP requires that the pixel values are provided in the absolute photometric units:
The simplest approach is to pass:
exposure = 4000/max(img_reference(:));
hdrvdp3( ..., img_test * exposure, img_reference * exposure, ... )
If the metric is to be used to evaluate single-image-HDR reconstruction methods, I recommend using the camera response curve correction from:
In that case, I suggest that you apply the exposure compensation above only on the reference image (in the linear colour space) and then use:
to align the test image.