A system and method are disclosed for performing ranging operations (700) between two or more wireless devices (STA1 and STA2). For some embodiments, the ranging operation allows each of a pair of ranging devices to estimate timing errors associated with measuring the time of arrival (TOA) of received signals, and to remove such timing errors from the measured TOA values. TOA and time of departure (TOD) information may also be exchanged between the devices using measurement action frames defined by IEEE 802.11v standards. In addition, an iterative process (800) is disclosed that allows a sequence of measurement action frames exchanged between the ranging devices to refine the timing errors and thus also refine the round trip time (RTT) value of signals exchanged between the devices.