An information processing apparatus which is capable of identifying an exact distance to a transmitting apparatus. A received radio wave intensity is measured when a radio wave transmitted from a transmitting apparatus via a short-range wireless communication is received, and a distance to the transmitting apparatus is identified based on a distance management table in which the received radio wave intensity and a distance associated with the received radio wave intensity are managed. A received radio wave intensity at a reference position a predetermined distance away from the transmitting apparatus is measured. The distance management table is calibrated based on the measured received radio wave intensity at the reference position.