Ultrasonic local positioning systems (ULPS) have been brought to the attention of researchers as one of the possibilities that can be used for indoor localization. Acoustic systems combine a suitable trade-off between precision, ease of development, and cost. This work proposes a method for measuring the time of arrival of encoded emissions from a set of ultrasonic beacons, which are used to implement an accurate ULPS. This method uses the generalized cross-correlation technique with PHAT filter and weighting factor β (GCC-PHAT-β). To improve the performance of the GCC-PHAT-β in encoded emission detection, the employment is proposed of mixed-medium multiple-access techniques, based on code division and time division multiplexing of beacon emissions (CDMA and TDMA respectively), and to dynamically adjust the PHAT filter weighting factor. The receiver position is obtained by hyperbolic multilateration from the time differences of arrival (TDoA) between a reference beacon and the rest, thus avoiding the need for receiver synchronization. The results show how the dynamic adaptation of the weighting factor significantly reduces positioning errors from 20 cm to 2 cm in 80% of measurements. The simulated and real experiments prove that the proposed algorithms improve the performance of the ULPS in situations with lower signal-to-noise ratios (SNR) than 0 dB and in environments where the multipath effect makes it difficult to correctly detect the encoded ultrasonic emissions.