Sparse inertial measurement units (IMUs) provide a portable, low-cost solution for human motion tracking but struggle with error accumulation from drift and sensor noise when estimating joint position through time-based linear acceleration integration (i.e., indirect measurement). To address this, we propose ToF-IP, a novel 3D full-body pose estimation system that integrates Time-of-Flight (ToF) sensors with sparse IMUs. The distinct advantage of our approach is that ToF sensors provide direct distance measurements, effectively mitigating error accumulation without relying on indirect time-based integration. From a hardware perspective, we maintain the portability of existing solutions by attaching ToF sensors to selected IMUs with a negligible volume increase of just 3\%. On the software side, we introduce two novel techniques to enhance multi-sensor integration: (i) a Node-Centric Data Integration strategy that leverages a Transformer encoder to explicitly model both intra-node and inter-node data integration by treating each sensing node as a token; and (ii) a Dynamic Spatial Positional Encoding scheme that encodes the continuously changing spatial positions of wearable nodes as motion-conditioned functions, enabling the model to better capture human body dynamics in the embedding space.Additionally, we contribute a 208-minute human motion dataset from 10 participants, including synchronized IMU-ToF measurements and ground-truth from optical tracking. Extensive experiments demonstrate that our method outperforms state-of-the-art approaches such as PNP, achieving superior accuracy in tracking complex and slow motions like Tai Chi, which remains challenging for inertial-only methods.