A system for measuring an axial position (54) of a phonic wheel (38) includes a phonic wheel (38) rotatable about a rotation axis and translatable along the rotation axis, a first sensor (40A), a second sensor (40B) and a computer (42). The phonic wheel (38) includes an inclined tooth (44A) having an axially non-uniform radial height and a reference tooth (44B) having an axially uniform radial height. The first sensor (40A) generates a positioning signal (50A) indicative of a gap between the inclined tooth (44A) and the first sensor (40A). The second sensor (40B) generates a reference signal (50B) indicative of a gap between the reference tooth (44B) and the reference sensor (40B). The first and second sensors (40A, 40B) have different orientations. The computer (42) generates an output indicative of the axial position (54) of the phonic wheel (38) based on the positioning signal (50A) and the reference signal (50B).