A position sensing system uses two sensing elements to sense the rotary position of target wheels mounted on two camshafts. The two sensing elements are mounted in a common sensor housing and preferably the two sensor elements share power and ground wires, and each sensor element has its own signal wire. The wires preferably are contained within a common conduit that extends from the housing to a location outside of the rocker cover. The end of the conduit may support one-half of an electrical connector that terminates the wires from the sensors. Mounting the two sensing elements in a common housing simplifies mounting the sensors on the engine, and reduces the number of wires required to power and derive signals from the two sensors. The target wheels are mounted directly on the camshafts and are positioned along the axis of the camshaft, spaced from the camshaft ends.