Ultrasound (US)-guided interventions are often enhanced via integration with an augmented reality environment, a necessary component of which is US calibration. Calibration requires the segmentation of fiducials, i.e., a phantom, in US images. Fiducial localization error (FLE) can decrease US calibration accuracy, which fundamentally affects the total accuracy of the interventional guidance system. Here, we investigate the effects of US image reconstruction techniques as well as phantom material and geometry on US calibration. It was shown that the FLE was reduced by 29% with synthetic transmit aperture imaging compared with conventional B-mode imaging in a Z-bar calibration, resulting in a 10% reduction of calibration error. In addition, an evaluation of a variety of calibration phantoms with different geometrical and material properties was performed. The phantoms included braided wire, plastic straws, and polyvinyl alcohol cryogel tubes with different diameters. It was shown that these properties have a significant effect on calibration error, which is a variable based on US beamforming techniques. These results would have important implications for calibration procedures and their feasibility in the context of image-guided procedures.