A fundamental limitation for current Structural Health Monitoring (SHM) systems is the need for distributed synchronous sensors to determine precise damage location using traditional triangulation methods. Accuracy is dictated by sensor density (quantity and proximity), which drives complexity, weight and cost to resolve reliable position. This paper introduces a patent-pending real-time method to predict accurate damage location from a single SHM node. This co-located triangulation method consists of novel sensors, algorithms and hardware to achieve a significantly more efficient means of localizing damage. Results are presented for proof-of-concept experiments on an aluminum plate using guided waves, as well as theoretical accuracy and limitations for the method. Finally, a description of a prototype under development is presented. SHM technology will be critical to reducing the overall cost of ownership for air and spacecraft, and the present research could play an important role in implementing such a system feasibly, practically and efficiently.