Pipeline inspection gauges (PIGs) are widely used for nondestructive testing of oil and natural gas pipelines, while above ground markers (AGMs) can locate and track the PIG through a variety of methods, including magnetic flux leakage signals, acoustic signals, and extremely low-frequency (ELF) magnetic signals. Traditional AGMs have the disadvantages of low positioning accuracy and only one-dimensional tracking capability. In this paper, a newly-designed PIG tracking system based on the ELF magnetic field is proposed by assembling dual receivers. Moreover, this paper develops a magnetic field sign-integration algorithm to achieve high-precision and four-dimensional (4-D) tracking of PIG. The simulation and experiment results demonstrate that the tracking system has the capability of 4-D tracking. In comparison with the previously published work, the designed tracking system improves the positioning accuracy and orientation tracking accuracy by more than 50%. The dual receivers tracking system also has the characteristic of high-robustness. Even in the state of lateral offset or tilt, it can still achieve accurate tracking of PIG. The realization of PIG’s high-precision 4-D tracking can improve the accuracy of defect location. Moreover, it can also provide the latest pipeline network layout and facilitate pipeline maintenance and pipeline surveying applications.