A sensor assembly for sensing downhole parameters is provided. The sensor assembly is positionable in a downhole tool deployable into a subterranean formation to form a wellbore. The sensor assembly includes a carrier positionable in the downhole tool, at least one set of three accelerometers, and at least one set of three magnetometers. The carrier includes at least one set of three receptacles. The three receptacles are positioned radially about a periphery of the carrier at equal distances thereabout. The set of three accelerometers are correspondingly positionable in the at least one set of three receptacles, and the set of three magnetometers are correspondingly positionable in the at least one set of three receptacles. The set of three magnetometers includes two physical magnetometers and one virtual magnetometer. The virtual magnetometer is produced from the two physical magnetometers.