A system and method for estimating the range between two devices performs two or more ranging estimates with subsequent estimates performed using a clock that is offset in phase with respect to a prior estimate. The subsequent estimate allows estimate uncertainties due to a finite clock resolution to be reduced and can yield a range estimate with a higher degree of confidence. In one embodiment, these additional ranging estimates are performed at n/N (for n=1, . . . N−1, with N>1 and a positive integer) clock-period offset introduced in the device. The clock-period offset can be implemented using a number of approaches, and the effect of clock drift in the devices due to relative clock-frequency offset can also be determined. To eliminate the bias due to clock-frequency offset, a system and method to estimate the clock-frequency offset is also presented.