A system and method for measurement of a polished rod movement in a reciprocating rod pumping system comprising reciprocal motive elements is provided. A proximity sensor target is mounted on the polished rod while a corresponding sensor element, is mounted in fixed relation to the pumping system, for example in fixed relation to the wellhead or ground. The sensor detects passage of the proximity sensor target, and thus the polished rod, as it moves in opposite directions during a single stroke cycle. The time of passage and the speed of the polished rod, as determined from its kinematic relationship with other pumping system components, is used to determine the position of the polished rod at any point during the cycle. The proximity sensor target may be mounted on a walking beam or other reciprocally moving element, with the sensor positioned in a corresponding fixed location.