Ultrashort pulse lasers are emerging as an advanced tool of distance measurement, with their unique temporal and spectral characteristics being extended to diverse principles of absolute ranging and instrumentation. Here, a systematic methodology is presented for absolute ranging by means of the time-of-flight measurement of ultrashort light pulses using dual-comb asynchronous optical sampling. Based on an elaborate uncertainty analysis, influencing system parameters such as the pulse duration, repetition rate, and averaging time are optimized to achieve a sub-µm measurement accuracy. The absolute ranging system developed in this study demonstrates a combined standard uncertainty of 0.986 µm for a 0.5 ms averaging over a distance range of 3.0 m, with a further reduction to 0.056 µm when the averaging time is increased to 0.5 s. The outstanding performance leads to unprecedented multitarget applications: machine feed control with thermal error compensation in real time as well as the nondestructive inspection of multilens assembly in a production line.