A space efficient magnetic antenna is disclosed for use in tracking, positioning and other applications. In a preferred embodiment, a space efficient magnetic antenna system comprises a first magnetic antenna with a first null axis aligned within a predetermined plane and a second magnetic antenna having a second null axis aligned substantially orthogonal to a first null axis. A second magnetic antenna system lies in a minimal coupling orientation with respect to a first magnetic antenna system. Additionally, a first magnetic antenna may further comprise a plurality of interconnected magnetic antenna elements. A space efficient magnetic antenna system may include an RF module. An RF module may alternately utilize a first magnetic antenna and a second magnetic antenna, or an RF module may drive a second magnetic antenna in phase quadrature with respect to a first magnetic antenna. In still further embodiments, a space efficient magnetic antenna system may further include a third mutually orthogonal magnetic antenna.