A distance determining system includes a first transceiver and a second transceiver spaced a distance from the first transceiver and inductively coupled thereto. The first transceiver outputs a first electromagnetic wave. The second transceiver receives the first electromagnetic wave and outputs a second electromagnetic wave, which is received by the first transceiver. One of the first and second transceivers determines a distance therebetween based at least in part upon the elapsed time of travel of the first and second electromagnetic waves. An air spring assembly can include such a distance indicating system. A method of determining a distance is also included.