Accurate radio frequency (RF)-based indoor localization systems are more and more applied during sports. The most accurate RF-based localization systems use ultra-wideband (UWB) technology; this is why this technology is the most prevalent. UWB positioning systems allow for an in-depth analysis of the performance of athletes during training and competition. There is no research available that investigates the feasibility of UWB technology for indoor track cycling. In this paper, we investigate the optimal position to mount the UWB hardware for that specific use case. Different positions on the bicycle and cyclist were evaluated based on accuracy, received power level, line-of-sight, maximum communication range, and comfort. Next to this, the energy consumption of our UWB system was evaluated. We found that the optimal hardware position was the lower back, with a median ranging error of 22 cm (infrastructure hardware placed at 2.3 m). The energy consumption of our UWB system is also taken into account. Applied to our setup with the hardware mounted at the lower back, the maximum communication range varies between 32.6 m and 43.8 m. This shows that UWB localization systems are suitable for indoor positioning of track cyclists.