The work presents a structural health monitoring (SHM) electronic system with real-time acquisition and processing for the determination of impact location in laminate. The novelty of this work is the quantitative evaluation of impact location errors using the Lamb wave guided mode S0, captured and processed in real-time by up to eight piezoelectric sensors. The differential time of arrival is used to minimize an error function for the position estimation. The impact energy is correlated to the amplitudes of the antisymmetric (A0) mode and the electronic design is described to avoid saturation for signal acquisition. The same electronic system is designed to acquire symmetric (S0) low level signals by adequate gain, bandwidth, and signal-to-noise ratio. Such signals propagate into a 1.4 mm thick aluminum laminate at the group velocity of 5150 m/s with frequency components above 270 kHz, and can be discriminated from the A0 mode to calculate accurately the differential arrival time. The results show that the localization error stabilizes at a value comparable with the wavelength of the S0 mode by increasing the number of sensors up to six, and then remains constant at up to eight sensors. This suggests that a compromise can be found between sensor density and localization error.