Microseismic monitoring systems using local location techniques tend to be timely, automatic and stable. One basic requirement of these systems is the automatic picking of arrival times. However, arrival times generated by automated techniques always contain large picking errors (LPEs), which may make the location solution unreliable and cause the integrated system to be unstable. To overcome the LPE issue, we propose the virtual field optimization method (VFOM) for locating single-point sources. In contrast to existing approaches, the VFOM optimizes a continuous and virtually established objective function to search the space for the common intersection of the hyperboloids, which is determined by sensor pairs other than the least residual between the model-calculated and measured arrivals. The results of numerical examples and in-site blasts show that the VFOM can obtain more precise and stable solutions than traditional methods when the input data contain LPEs. Furthermore, we discuss the impact of LPEs on objective functions to determine the LPE-tolerant mechanism, velocity sensitivity and stopping criteria of the VFOM. The proposed method is also capable of locating acoustic sources using passive techniques such as passive sonar detection and acoustic emission.