Purpose. Deep brain stimulation is a neurosurgical procedure used in treatment of a growing spectrum of movement disorders. Inaccuracies in electrode placement, however, can result in poor symptom control or adverse effects and confound variability in clinical outcomes. A deformable 3D-2D registration method is presented for high-precision 3D guidance of neuroelectrodes. Methods. The approach employs a model-based, deformable algorithm for 3D-2D image registration. Variations in lead design are captured in a parametric 3D model based on a B-spline curve. The registration is solved through iterative optimization of 16 degrees-of-freedom that maximize image similarity between the 2 acquired radiographs and simulated forward projections of the neuroelectrode model. The approach was evaluated in phantom models with respect to pertinent imaging parameters, including view selection and imaging dose. Results. The results demonstrate an accuracy of (0.2 ± 0.2) mm in 3D localization of individual electrodes. The solution was observed to be robust to changes in pertinent imaging parameters, which demonstrate accurate localization with ≥20° view separation and at 1/10th the dose of a standard fluoroscopy frame. Conclusions. The presented approach provides the means for guiding neuroelectrode placement from 2 low-dose radiographic images in a manner that accommodates potential deformations at the target anatomical site. Future work will focus on improving runtime though learning-based initialization, application in reducing reconstruction metal artifacts for 3D verification of placement, and extensive evaluation in clinical data from an IRB study underway.