This paper presents a technique for obtaining of the main statistical characteristics of the distance estimation between the flying object and a hyperbolic navigation system using two Doppler frequency shifts of the navigation signal. This problem arises when the guidance of the object at a target point along a hyperbola using a bistatic hyperbolic navigation system is considered. Despite the fact that the object guidance loop is closed according to the time difference of arrival information, it is necessary to enter the distance between the object and the center of the navigation system into the algorithm for generating control commands in order to stabilize the frequency response of the control loop and eliminate dynamic errors. This article discusses the statistical characteristics of the estimated range based on the measurements of three values of the object’s speed: its own speed and two projections of this speed on the lines connecting the object with the navigation positions.