The disclosure relates to a fifth generation (5G) or sixth generation (6G) communication system for supporting a higher data transmission rate. Provided is a method of identifying a location by using a positioning reference signal (PRS) by a first user equipment (UE) performing sidelink (SL) communication, including determining transmission resources of a first PRS and a second PRS, transmitting the first PRS by using at least one of the determined transmission resources, transmitting the second PRS by using at least one of the determined transmission resources, receiving, a third PRS, a first response time, and a second response time, acquiring a first round trip time (RTT) and a second RTT, calculating a time of flight (ToF) by using the first RTT, the second RTT, the first response time, and the second response time, and identifying the location of the first UE by using the calculated ToF, wherein the second PRS is transmitted after the first PRS is transmitted and before the third PRS is received.