A system and method of measuring the distance and determining the coordinate position of one or more target transceivers relative to a set of anchor transceivers with known locations is provided. The position of the target transceiver is determined by using a time-of-flight (TOF) initialization signal generated by the master anchor transceiver, a TOF response transmission generated by the target transceiver, calculation of the distances between the target transceiver and each anchor transceiver, and transmission of a TOF distance report by the master anchor transceiver. The system and method of the present invention permit the accurate locating of a target transceiver that is located “outside the box.”