A system and method for increasing the accuracy of time delay estimates of signals propagating through an environment. The system includes one or more sensors for receiving a plurality of signals, and a time delay estimator for measuring time delays between multiple pairs of signals. At least some of the multiple pairs of signals are received and measured at different points in time. The system further includes a data analyzer for analyzing time delay estimation data, for generating a statistical distribution of time delay estimates from the data, and for calculating a statistical estimate of time delay from the distribution. By increasing the number of signals employed by the system, the accuracy of the time delay estimation is increased. Further, by calculating the median or the mode of the statistical distribution, noise tolerance is improved. The signals employed by the system may include sonar signals, seismic signals, ultrasonic signals, acoustic signals, electromagnetic signals, or any other suitable type of signals.