Abstract: Position measuring equipment (PME) includes a first optical instrument for recording a sequence of first digital images and a second optical instrument for recording a sequence of second digital images. The optical instruments are spaced apart relative to a first point in three-dimensional space and orientated to have partially overlapping fields of view. A processor is used to process paired the digital images recorded by the optical instruments at substantially the same time. The processor determines a group of matching pairs of features in the digital images. A group of matching pairs of features represents a target. The matching pairs of features are used to determine a second point in three-dimensional space corresponding to the target. The processor can determine the distance in three-dimensional space between the first point and the second point. Measurements provided by the PME can be used for dynamic positioning if the PME.