A system and method for localizing a deep brain stimulation electrode in vivo in a subject or object is provided. A magnetic resonance imaging system obtains MR image data from a volume-of-interest by way of a zero echo time (ZTE) or ultrashort echo time (UTE) pulse sequence, with one or more of a phase domain image and a magnitude domain image being analyzed from the MR image data acquired by the ZTE or UTE pulse sequence. One or more electrodes are localized within the volume-of-interest based on an analysis of the phase domain image and/or magnitude domain image. In localizing the electrodes, a multi-scale correlation-based analysis of the volume-of-interest is performed to estimate at least one of an electrode center and electrode contact locations of the electrode, with the localization being achieved with a fast scan-time and with a high level of accuracy and precision.