1. A method utilizing a computing device in an image-guided medical procedure for indicating on a display controlled by the computing device relative locations of a medical instrument and one or more items of interest within an anatomy of a patient, the method comprising acts of: on the computing device: receiving one or more preoperative images of the anatomy of the patient that are preoperative to insertion of the medical instrument including the one or more items of interest; calculating coordinates of a predicted path in a first preoperative frame of reference corresponding to the one or more preoperative images based on predicted collisions with interior walls of a conduit within the anatomy of the patient in the first preoperative frame of reference; determining coordinates of the one or more items of interest within the anatomy of the patient in the first preoperative frame of reference; obtaining coordinates of an actual path of the medical instrument within the anatomy of the patient in a second intra-operative frame of reference during the insertion of the medical instrument corresponding to a position sensing system associated with one or more sensor elements within the anatomy of the patient; registering the coordinates of the preoperative predicted path of the medical instrument with the coordinates of the actual intra-operative path of the medical instrument based on the predicted collisions with the interior walls of the conduit to produce at least one transformation matrix relating the first preoperative frame of reference to the second intra-operative frame of reference; and creating a display indicating relative locations of the medical instrument and the one or more items of interest using the at least one transformation matrix.