In the unmanned aerial vehicle (UAV) based localization of slow-moving radio frequency (RF) sources with unknown transmitted strength of signal, such as a person with a cell phone in a search and rescue mission, the UAV navigation errors are significant sources of localization error. Although the use of a global positioning system (GPS) can reduce the UAV’s localization error significantly resulting in more accurate RF source localization, if the GPS signal is lost temporarily or permanently, the accuracy of the UAV-based localization decreases rapidly. In this paper, a simultaneous localization and mapping (SLAM)-inspired approach for simultaneous localization of UAV and RF sources (SLUS) is proposed. The proposed approach solves these two connected problems, i.e. the UAV localization and RF source localization, simultaneously to decrease the error of the UAV position estimation and the error of the RF source localization. In the proposed approach, beside the UAV position prediction, the RF source position prediction is also performed. Then the predicted states are augmented and the augmented predicted state information is corrected using range-ratio and bearing observations, i.e. RF source features, considering the unknown transmitted power. The proposed approach is simulated and the results show that the normal divergence of a target localization and the divergence of the UAV navigation in latitude and longitude channels have been eliminated using this approach. In other words, simultaneous localization of the UAV and RF sources uses the RF sources, as features in the environment, to aid the navigation system. Although the approach is similar to the mapping of RF sources in the environment, the created map would be useless after finding the RF sources. That is why SLUS has been used instead of SLAM. The main contributions of this work are: 1) performing simultaneous localization of a UAV and targets using RF signals, especially in a non-line of sight (NLOS) condition; 2) using difference of signal strength, i.e. differential received strength signal indicator (DRSSI), to eliminate the impact of unknown target signal power; and 3) simultaneous multi-target localization and tracking.