GPS tracking of phone location

I have heard that there is a way to put a gps signal on your phone so that you can track the exact location of that phone by GPS. I think it is a parent spy tool of sorts to track the location of a minor by knowing where their phone is at any given time. Does anyone know if this is a real feature and if so, how to get it installed on an Iphone? My daughter's phone was stolen recently and I would love to be able to track the exact location of that phone and find out who took it. Seems like this could be a security feature as well as parental control.