You can't do this with bluetooth. You could meassure the distance between two BT devices by analysing the BT reception quality - but this will strongly differ in every new environment (e.g. simply a new room or in the open air).
For direction: here is exactly the same problem, especially inside buildings. A lot of BT signal echos will make it almost impossible to receive useful direction data.
There are ways to determine distance and directions via wireless connections (doesn't matter if BT, WLAN or ZigBee or something else) - not with standard customer devices, but with real-hitech laboratory equipment.
