In Guided Wave-based Structural Health Monitoring (GWSHM) systems, the reliability assessment is of utmost importance. The primary focus is the smallest damage that can be detected with 90 percent probability and 95 percent confidence. However, the probability of correct damage localization is equally crucial as the probability of detection. In this view, defining the smallest damage that can be localized accurately in a statistically meaningful way is quite challenging. Several localization techniques have been developed in the literature to localize damage resorting to a GW sensor network, like SAFT and RAPID. This article investigates the reliability of such SHM systems with these localization techniques using an experimental data set from the Open Guided Waves (OGW) platform and compares it with predictions obtained via a simulation model using the EFIT method. A carbon fibre-reinforced plate-like structure reinforced by an omega stringer and a GWSHM system employing twelve piezoceramic transducers bonded over the surface to excite and receive guided waves are used. Pseudo damage of thirteen different sizes are attached to three different locations using a damping tacky tape. Moreover, the EFIT modelling tool is used to simulate the experiment with an extensive number of damage scenarios at the defined three damage locations with a high degree of consistency with the experimental data, facilitating a more robust analysis. The Outcome concerning the influence and correlation between damage size on localization accuracy, considering various localization techniques, were explored and discussed. In addition, the reliability assessment allowed to establish the performance of the localization approaches in a rigorous way.