Applications using acoustic emission techniques have shown promising results for slope monitoring. This study proposes a modified active waveguide slope monitoring device with AE measurement at either end of the device which is capable of calculating deformation profiles in real time besides its common use as an alarm method. The coupled calibration methodology allows the location of the slip surface and quantification of slope displacement accounting for the efficiency of the sensors and for attenuation due to distance between an event and the sensors. An analysis software is presented too, in order to propose the algorithms necessary to quantify deformation profiles in real time. The present study proposed some guidelines to perform further field testing based on the procedures and analysis algorithms proposed that showed promising laboratory results.