In this paper, we analyze the location accuracy of real-time locating systems (RTLSs) in multipath environments in which the RTLSs comply with the ISO/IEC 24730-2 international standard. To analyze the location error of RTLS in multipath environments, we consider a direct path and indirect path, in which time and phase are delayed, and also white Gaussian noise is added. The location error depends strongly on both the noise level and phase difference under a low signal-to-noise ratio (SNR) regime, but only on the noise level under a high SNR regime. The phase difference effect can be minimized by matching it to the time delay difference at a ratio of 180 degrees per 1 chip time delay (Tc). At a relatively high SNR of 10 dB, a location error of less than 3 m is expected at any phase and time delay value of an indirect signal. At a low SNR regime, the location error range increases to 8.1 m at a 0.5 Tc, and to 7.3 m at a 1.5 Tc. However, if the correlation energy is accumulated for an 8-bit period, the location error can be reduced to 3.9 m and 2.5 m, respectively.