The uncertainty of traveling wave speed always causes deviation to the fault location. In order to restrain the influence of traveling wave speed on transmission line fault location, a new method of fault location by using three measurements on the same line was presented in this paper. Based on the principle of double terminal traveling wave fault location, a locating system with three measurements was constructed, and a new locating algorithm without influence of wave speed was derived. It needs the time of the fault initial traveling wave arriving at three measurements to realize fault location, the time can be measured by wavelet transform, compared with the previous methods, it avoid the locating failure that caused by the attenuation of the reflecting wave. The simulation results of PSCAD show that the proposed method has high accuracy in location, and it is easy to implement.