In one aspect, a system for determining a position of a sensor mounted on an agricultural machine may include a ground speed sensor configured to capture data indicative of a ground speed of the agricultural machine. The system may also include a non-contact-based sensor configured to capture data indicative of a field characteristic of the field across which the agricultural machine is traveling. Furthermore, a controller of the system may be configured to determine a first ground speed value of the implement frame based on the data received from the ground speed sensor and a second ground speed value based on the data received from the non-contact-based sensor. Additionally, the controller may be configured to determine a position of the non-contact-based sensor relative to a field surface of the field across which the agricultural machine is traveling based on the first ground speed value and the second ground speed.
