An asset positioning method and system (700) rapidly and accurately determine the special location of wireless nodes distributed in three-dimensional space. Furthermore, as a by-product, every node also determines the relative offset and drift of every other node's clock, so that it is possible for all nodes to carry out a precise synchronized action (708). The positioning and synchronization protocol has significant implications for a broad range of wireless networking infrastructure and applications. For instance, the rapid availability of accurate location information greatly simplifies and optimises the implementation of ad-hoc networks and sensor-based applications (716). Additionally, the synchronized node operations facilitate the development of new applications, such as phase-locked arrays, in which several low power transmitters coordinate to form a powerful group transmitter. Since the positioning protocol yields rapid responses and positional accuracy in the range of a few centimeters, the positioning protocol permits mobile nodes to be tracked while they are moving.