A method and system for a Radio Frequency (RF)-based identification, tracking and locating of objects. The method and system use a narrow bandwidth signal in VHF of lower frequency range, which minimizes propagation loss and loss of accuracy of the RF locating signals. The signal is sent from a Master Unit(s) to a Tag. The signal traveling time is recorded and the distance between the Master(s) and the Tag is calculated. The method and system allow achieving a longer distance of the RF signal penetration and an increased accuracy by using VHF bands. The techniques of Digital Signal Processing and Software-Defined Radio are used. The actual waveforms transmitted and received by the radios are defined by the software. The roles of the Master Unit(s) and the Tag can be reversed.