According certain aspects, embodiments of the invention consider the problem of microseismic event localization from a parameter estimation perspective, and include a method and system for computing and displaying characteristics of event localization errors. According to certain other aspects, embodiments of the invention include techniques for deriving aggregate statistics from a set of event location estimates, including methods for computing and displaying the probability that an event occurred in any given volume, and methods for describing and displaying the smallest volume that contains a specified percentage of the event probability or expected to contain the specified percentage of the events.