The accuracy of localizing the underwater sound source in the vertical-plane by the bottlenose dolphin was investigated using the method of instrumental conditioned reflexes with food reinforcement. The accuracy of determining the underwater sound in the vertical plane (the full angle) was on the average: 2 - 2,5 degrees for tonal signals with frequencies of 5, 20, and 120 kHz; pulsed clicks with the central frequency of 120 kHz and the exponential forms of amplitude alteration wavefronts were localized by the dolphin with an accuracy of 1,5 degrees. Among all marine mammals examined, dolphins are characterized by the maximal exact analysis of acoustic space.