You could send out a radio burst and an audio burst at the same time, measure the time between receipt of each, and use the speed of sound to infer the distance. Better to measure the temperature also, and compensate for that. The audio could be ultrasonic, but it will need some power, and you'll have to characterize the response time of the receiver, e.g. how many cycles it needs to reliably distinguish a burst from random noise.
If the moble unit can measure the distance traveled and its compass heading, it could infer its position by dead reckoning.
If you could arrange two stationary sources of bright light or continuous RF, the mobile unit could use a rotating directional receiver to measure the bearing to each source and infer its position.
Absent interfering trees, bushes, people, etc., you could just keep a string taut between the units, and measure the extension of the string.
Mike Halloran
NOT speaking for
DeAngelo Marine Exhaust Inc.
Ft. Lauderdale, FL, USA