Underwater localization using acoustic signals is one of the main components in a navigation system for an autonomous underwater vehicle (AUV) as a more accurate alternative to dead-reckoning techniques. Although different methods based on the idea of multiple beacons have been studied, other approaches use only one beacon, which reduces the system’s costs and deployment complexity. The inverse approach for single-beacon navigation is to use this method for target localization by an underwater or surface vehicle. In this paper, a method of range-only target localization using a Wave Glider is presented, for which simulations and sea tests have been conducted to determine optimal parameters to minimize acoustic energy use and search time, and to maximize location accuracy and precision. Finally, a field mission is presented, where a Benthic Rover (an autonomous seafloor vehicle) is localized and tracked using minimal human intervention. This mission shows, as an example, the power of using autonomous vehicles in collaboration for oceanographic research.