A system and method for improved Time Of Arrival (TOA) distance measurements between nodes of a wireless ad-hoc network. Specifically, the present invention is a system and method of distance estimation using square-root raised-cosine pulse shaping and chip matched filters on direct sequence spreading waveforms, the multiplication of which produces raised-cosine filtered pulse responses. The responses are used to identify a time when a function is at a maximum, corresponding to the actual signal reception time. The system and method produces a raised-cosine filtered pulse response and an auto-correlation function based on a received signal. A peak value of the auto-correlation function is calculated based on a quadratic approximation, which is corrected using a signal sampling phase offset detected between the raised-cosine filtered pulse response and the calculated peak value. The calculated peak value is then corrected to represent an actual reception time for received signals.