Abstract: A system (20) and method to locate an anomaly (22) of a conductor (24) is provided. The system (20) uses a test set (28) to inject a test signal (36) into the conductor (24) at a location (PT) and a probe (30) to detect the test signal (36) at a second location (PP). A communication link (42) between the probe (30) and the test set (28) has a predetermined propagation delay (DS), from which the system (20) can calculate a propagation delay (DTP) of the conductor (24) between the test set (28) and the probe (30), and a propagation delay (DPA) between the probe (30) and the anomaly (22). By varying the location (PP) of the probe (30) until the propagation delay (DPA) between the probe (30) and the anomaly (22) is substantially zero, the precise location (PA) of the anomaly (22) may be determined. The propagation velocity (VC) of the conductor (24) may also be determined.