The present invention discloses a sheath based puncture locator and depth indicator. The present invention provides for locating a blood vessel puncture site and determining the depth of the puncture of the blood vessel extravascularly using the introducer sheath that is already in place within the tissue tract. The present invention also provide for positioning the introducer sheath extravascularly or outside the blood vessel, controlling the blood vessel puncture site, and delivering a hemostasis promoting material to a blood vessel puncture site.