A re-settable pipeline gauging tool (10) of this disclosure includes a cylindrical tool body (11) that includes a deformable portion (13) with a plurality of sensors (25) located near or on an external circumferential surface (12) of the deformable portion. A sealed unit (60) contains a corresponding signal source (25). Pipeline gauging relies upon the compressibility and elasticity inherent in the deformable portion as it encounters anomalies in pipeline geometry and moves between a first size and a second size, the signal strength of the source detected by the sensors changing as a result. The sensors may be arrayed in a circumferential band (47) about the deformable portion or along its length. In some embodiments, the sensors and source are magnetic or acoustic (e.g., transceivers or radar integrated chips). In other embodiments, the sensors and source are light or fiber optic.