This paper proposes a dual-mode ultra precision positioning system for machine tools and measuring machines. The objective was to position a machine table with a picometer order of resolution, i.e., pico-positioning. A twist-roller friction drive (TFD) was used in coarse-mode positioning. The TFD, which was driven by an AC servomotor, is a kind of lead screw in mechanical terms, and several centimeters of machine table movement was controlled with a nanometer order of positioning resolution. To eliminate lateral vibration caused by the TFD, an active aerostatic coupling driven by piezoelectric actuators was inserted between the TFD and the machine table. This active aerostatic coupling was also applied as a feed drive device for fine-mode positioning; in the fine mode, the positioning resolution was 50 pm. Factors influencing pico-positioning, such as how noise from displacement sensors and vibrations in the aerostatic guideway affect positioning resolution, are discussed.