This study presents the development of a magnetostrictive control rod position indicator (Mag-CRPI) for improving safety of nuclear power generation. Mag-CRPI principle is based on two magnetostrictive effects: The Wiedemann effect and the Villari effect. The position may be estimated by multiplying time-of-flight (TOF) of the elastic wave from the cursor magnet to the sensing coil, and a sound speed of the magnetostrictive wire. A Mag-CRPI prototype has been designed and built. Experiments are conducted to characterize the Mag-CRPI. Change of the TOF is obtained with cursor magnet movement interval of 100 ㎜. Averaged position error is estimated to be 0.002m over the entire measuring length. Based on experimental results, the performance of Mag-CRPI is validated, thereby confirming feasibility of a nuclear reactor-internal control rod.