A method of analyzing the spectral signature of a point-like dynamic source event in order to approximate the location of the source event within a predetermined field of view is implemented by a spectral analysis system including (i) a data processing system; (ii) an imaging-sensor array communicatively linked to the data processing system and (iii) an optical system adapted for imaging a dispersion pattern of electromagnetic energy emitted from a source event onto the imaging-sensor array. A dispersion-pattern data set associating the optical system with data indicative of a set of pre-contrived electromagnetic-energy dispersion patterns attributed to the optical system is created based on at least one of (i) theoretically and (ii) experimentally determined characteristics of the optical system and maintained in computer memory. The data set includes at least one dispersion signature correlating a source-event location within a predetermined field of view with impingement positions upon the imaging-sensor array of a plurality of dispersed wavelengths. When polychromatic electromagnetic energy emitted from an event to be analyzed is passed through the optical system, the resulting dispersion pattern is registered at the imaging-sensor array and data indicative of the registered dispersion pattern is stored in computer memory. A spectral analysis algorithm co-orients a pre-stored dispersion signature with the registered dispersion pattern and approximates the location of the source event.