Simulation studies are presented regarding the performance of algorithms that localize point-like radioactive sources detected by a position sensitive portable radiation instrument (COCAE). The source direction is estimated by using the List Mode Maximum Likelihood Expectation Maximization (LM-ML-EM) imaging algorithm. Furthermore, the source-todetector distance is evaluated by three different algorithms based on the photo-peak count information of each detecting layer, on the quality of the reconstructed source image as well as on the triangulation method. These algorithms have been tested on a large number of simulated photons in a wide energy range (from 200keV up to 2MeV) emitted by point-like radioactive sources located at different orientation and source-to-detector distances.