A Mapping Toolbox function that computes the inverse of ELEVATION in a single step is not currently available. But this operation can be performed by using a combination of the functions SPH2CART, LV2ECEF, and ECEF2GEODETIC.
To do this, however, you would still need to have the coordinates of an observer relative to whom the azimuth/elevation of the object is defined. Also, there is not a unique answer unless you also know the range (straight-line distance) from the observer to the object. Without the range, you can narrow down the position of the object to a line in space, but not to a point location.
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