The paper presents two algorithms for determining optimal accelerometer locations for structural health monitoring when structural condition is assessed by a system identification scheme in time-domain. The accelerometer locations are determined by ranking the components of an effective independent distribution vector computed from a Fisher information matrix. One of the proposed algorithms formulates a Fisher information matrix by multiplying acceleration matrix with its transpose and the other as a Gauss-Newton Hessian matrix composed of acceleration sensitivities with respect to structural parameters. Since the structural parameters cannot be known exactly in an actual application, a statistical approach is proposed by setting an error bound between the actual and the baseline values. To examine the algorithm, simulation studies have been carried out on a two-span planar truss. The results using locations selected by the two algorithms were compared.