The problem of relative positioning between an alternating magnetic field transmitter and receiver involves determining the position vector between these entities and their mutual orientation. Its relevance stems from the need to enhance the accuracy and reliability of airborne electromagnetic survey data interpretation. This article analyzes the accuracy of solving the relative positioning problem for an electromagnetic field source and receiver. Two key aspects are investigated: first, the imperfection of the transmitter, which is generally not a point dipole; and second, the presence of a response field in the measurements, which is not taken into account when solving the navigation problem. The findings demonstrate that the relative positioning accuracy in a two-dipole field is comparable to that of integrated inertial-satellite navigation systems. The accuracy analysis was conducted using parameters of a modern airborne electromagnetic survey system: EQUATOR.