An accurate ranging system for position determination of a mobile unit using trilateralization. A pair of active reflectors return signals transmitted by the mobile unit in phase at the reflectors, after compensating for interval circuit delay. The mobile unit compares the phases and determines mutual distances and thus its position. The invention includes a two frequency technique for compensating for inaccuracies introduced at distances in excess of one wavelength and for inaccuracies observed at a large multiple of wavelengths, and also includes means for dynamically compensating for drift.