In an ultrasonic detection system that uses frequency-modulation coding to distinguish emitted bursts from multiple transducers, a receiver associated with a transducer uses dynamic thresholding to discriminate valid echoes from system and environmental noise in multiple envelope signals produced by multiple correlators. The time-varying dynamic thresholds are generated from the mean of noise in a respective envelope derived from the output of a respective correlator. Multiple thresholds can be combined together such that a single time-varying threshold is applied to all correlators' envelopes. Such thresholding has the benefits of a constant false-alarm rate with regard to detection of echoes (as opposed to false triggering from noise), and, owing to finer-resolution and adaptive thresholds, can detect targets or obstacles as further distances and with greater time responsiveness.