In this paper, we present a methodology for locating wireless sensors for the use in photoreactors. Photoreactors are, e.g., used to cultivate photosynthetic active microorganisms. For measuring important parameters like, e.g., the temperature inside the reactor, sensors are needed. Wireless locatable floating sensors would enable it to measure the data anywhere inside the reactor and to get a spatial resolution of the registered data. Due to the well defined propagation properties of magnetic fields and the fact that they are not significantly influenced in underwater environments when using low frequencies, a magnetic induction (MI) system is chosen for the data transmission as well as for the localization task. We designed an inductive transmitter and a receiver capable of measuring the magnetic field in every three spatial directions. The transmitting frequency is set at approx. 300kHz. This results in a wavelength of approx. 1km which clearly exceeds the dimensions of our measurement setup where the transmitter–receiver distances in general are lower than one meter. Due to this fact, only the quasi-static field component has to be considered and the location of the transmitter is calculated by measuring its magnetic field at defined positions and in using the magnetic dipole field equation in order to model its magnetic field geometry. The used measurement setup consists of a transmitter and two receivers. The first measurements were performed without a water filled photoreactor since no differences in the propagation criteria of magnetic fields are expected due to the negligibly low differences in the relative magnetic permeability of water and air. The system is calibrated and validated by using a LIDAR depth camera that is also used to locate the transmitter. The transmitter positions measured with the camera are therefore compared with the inductively measured ones.