This paper derives the extended ambiguity function for a bistatic multiple-input multiple-output (MIMO) radar system, which includes the whole radar system parameters: geometric sensor configuration, waveforms, range, range rate, target scattering and noise characteristics. Recent research indicates the potential parameter estimate performance of bistatic MIMO radars. And this ambiguity function can be used to analyze the parameter estimate performance for the relationship with the Cramer-Rao bounds of the estimated parameters. Finally, some examples are given to demonstrate the good parameter estimate performance of the bistatic MIMO radar, using the quasi-orthogonal waveforms based on Lorenz chaotic systems.