Embodiments of a method, a tracking system, an MRI system, and a non-transitory computer readable medium that stores instructions for simultaneous imaging and tracking are presented. A designated signal and one or more characteristics corresponding to a plurality of imaging gradient waveforms are received. Further, a tracking pulse sequence is synchronized with an imaging pulse sequence at a determined point based on the designated signal. The tracking pulse sequence is then applied simultaneously with the imaging pulse sequence for acquiring corresponding response signals from an interventional device that includes at least one tracking coil and a tracking source configured to generate response signals at a tracking resonant frequency different from an imaging resonant frequency. A location of the tracking coil within or outside body of a subject is determined based on the response signals received from the tracking source and the characteristics corresponding to the imaging gradient waveforms.