guessing distance by FM signal strength

I'm new to electronics but have been coding for more than 15 years. I'm curious of how feasible it is to guess the approx distance between a FM transmitter and a FM receiver - not as measurements such as ft/m, but more as proportion like a wifi signal meter.

How would this be done? Any links to a similar project?

I'm curious of how feasible it is to guess the approx distance between a FM transmitter and a FM receiver

Not very at all.
What sort of distance?
Radio has all sorts of propagation issues ( and reflections ) that make it not very good, as well as the direction sensitivity of the antenna.

It will be a relatively short rage for radio, say 50 ft. max, using a low power transceiver that wont reach much beyond that range. I'm not expecting any form of obstruction between the objects.

I'm not expecting any form of obstruction between the objects.

The problems are not obstacles in between, but things that cause reflections which can be anything.
You are not the first to think of this idea, what are the odds that you will be the first to make it work.

The closest they come is in this app note attached.

appnote_016_sna_ti_locationing.pdf (295 KB)