Houston rapper Sauce Walka narrowly dodged a brush with death in Memphis Saturday when several gunmen hopped out of a car and opened fire ... new surveillance footage obtained by TMZ Hip Hop shows.

His Memphis-born artist, Sayso P, was said to be the intended target by police and was gunned down at the scene.

In the new camera angle, a black suburban SUV can be seen parked in front of the hotel where Sauce, Sayso P, and crew were staying for the night.

Suddenly, a white 4-door sedan pulls up across the small street ... and 3 men jump out with 2 of them blitzing the SUV and opening fire.

Another armed man hangs back near the rear passenger door ... as the other two swoop in and assassinate Sayso P. The man in black running away down the street is believed to be Sauce Walka.

The trio eventually retreats to the vehicle and heads down the street after completing their murder.

Mo3's manager Brian Rainwater told blogs that gunmen stood over Sauce's body before sparing his life ... but nothing in the video aligns with that, and Sayso P's mother is slamming the report.

Sauce did, however, suffer gunshot wounds to the leg -- but has since updated fans that he's all good.