Although most of the conventional localization algorithms rely on Line of Sight (LOS) conditions, fingerprinting allows positioning in multipath and even in Non-LOS (NLOS) environments. In contrast to the traditional Received Signal Strength (RSS), the Power Delay Profile fingerprint (PDP-F) may allow positioning on the basis of a single link if the multipath
is rich enough. Fingerprinting is a pattern matching technique for which a performance analysis may be difficult in general. In this paper we focus on a global performance indicator, in the form of Pairwise Error Probability (PEP). Similarly to PEP analysis in communication over fading channels, we find that the PEP for PDP fingerprinting exhibits a certain diversity order, linked to the number of paths. We investigate and show the results for Gaussian Maximum Likelihood (GML) based approaches for the Rayleigh fading path amplitude case.