An electrode for use on a medical device is disclosed. The electrode may have a main body of electrically conductive material extending along an axis and having a proximal end and a distal end. The body may be configured to emit electrical energy in accordance with a predefined diagnostic or therapeutic function. The body may have a groove disposed over an outermost surface of the body. The electrode may also include a magnetic resonance imaging (MRI) tracking coil disposed in said groove. The MRI tracking coil may comprise electrically insulated wire, for example. A catheter including an electrode, as well as a method for determining the location of an electrode, are also disclosed.