This document describes a wearable wireless ultrasonic sensor network that can accurately measure 3D foot displacement during treadmill walking. The system uses an ultrasonic transmitter attached to the foot that communicates with several receiver anchors through time-of-arrival measurements to determine the foot's position within intersecting distance circles. Testing on 10 subjects walking at various speeds found the system had a root-mean-square error of 4.2 cm compared to a camera-based motion capture system, accurately measuring foot clearance within 0.62 mm on average. The lightweight and low-cost ultrasonic system provides an alternative for applications requiring precise motion monitoring.