We propose a technique for compensating the effect of mutual coupling on parameter estimation that is suitable with any subspace-based super-resolution algorithms. A Concentric circular ring array (CCRA) formed using thin dipole antennas in the receiving mode is employed to estimate the parameters of electromagnetic sources located in the radiating near field of the array. A CCRA geometry that obtains a lowest Cramer-Rao lower bound (CRLB) in the presence of array mutual coupling is chosen for investigation. The mutual coupling among antenna elements of the array would affect the orthogonality of subspaces when MUSIC or ESPRIT algorithms are used for parameter estimation. The proposed method obtains a compensation matrix that restores the orthogonality between the subspaces there by improving the accuracy of estimation. To avoid three-dimensional searches, the range parameter is estimated using a cross-correlation-based method. Numerical simulation using a full-wave electromagnetic (EM) solver is employed to demonstrate the effectiveness of the proposed compensation approach.