This paper proposes a novel three-dimensional (3D) theoretical regular-shaped geometry-based stochastic model (RS-GBSM) and the corresponding sum-of-sinusoids (SoS) simulation model for non-isotropic multiple-input multiple-output (MIMO) vehicle-to-vehicle (V2V) Ricean fading channels. The proposed RS-GBSM, combining line-of-sight (LoS) components, a two-sphere model, and an elliptic-cylinder model, has the ability to study the impact of the vehicular traffic density (VTD) on channel statistics, and jointly considers the azimuth and elevation angles by using the von Mises Fisher distribution. Moreover, a novel parameter computation method is proposed for jointly calculating the azimuth and elevation angles in the SoS channel simulator. Based on the proposed 3D theoretical RS-GBSM and its SoS simulation model, statistical properties are derived and thoroughly investigated. The impact of the elevation angle in the 3D model on key statistical properties is investigated by comparing with those of the corresponding two-dimensional (2D) model. It is demonstrated that the 3D model is more accurate to characterize real V2V channels, in particular for pico cell scenarios. Finally, close agreement is achieved between the theoretical model, SoS simulation model, and simulation results, demonstrating the utility of the proposed models.