According to exemplary inventive practice, an ADCP system (including one or more acoustic Doppler current profilers) and a magnetometer system (including one or more magnetometers) are placed underwater. The ADCP system is used to obtain ADCP time series data. The magnetometer system is used to obtain magnetometer time series data. A computer performs computations with respect to input from the ADCP system and input from the magnetometer system. The computations include formulation of a least squares matrix to minimize a least squared error between the ADCP time series data and the magnetometer time series data. The present invention may be practiced, for instance, whereby a magnetometer is centrally located in relation to a triangular arrangement of three ADCPs, or whereby the ADCP system and the magnetometer system are co-located.