A novel method and system for employing device tracking with a magnetic resonance imaging system. In accordance with one aspect of the present technique, a method for tracking the location of a device and generating an image using magnetic resonance imaging includes applying a combined imaging and tracking pulse sequence, in the presence of a magnetic field gradient, wherein the combined imaging and tracking sequence comprising a radiofrequency excitation pulse. The method further includes collecting tracking data based on a magnetic resonance tracking signal resulting from the radiofrequency excitation pulse, wherein the magnetic resonance tracking signal is returned from a tracking coil mounted in the device. The method also includes collecting imaging data based on a magnetic resonance imaging signal resulting from the radiofrequency excitation pulse, wherein the magnetic resonance imaging signal is returned from an imaging coil.
