A rotation sensor for high accuracy angle applications such as internal combustion engine crankshaft position sensing includes a pair of complementary target wheels and a dual-element magnetoresistive sensor. The target wheels are spaced from one another along the rotational axis by a predetermined distance. The individual magnetoresistive elements are similarly spaced one from the other and are influence by the ferrite effects of the target wheels. The spacing of the target wheels and magnetoresistive elements are selected in relation to one another and in relation to the mount of axial play in the crankshaft such that changes in ferrite effects of the target wheels upon the elements due to axial displacements of the crankshaft have minimal effect on the accuracy of the sensing apparatus.