Here's why you'd need three words:
- Circumference of earth = 40,075 km
- Granularity needed = 3 meters
- Number of common words in dictionary (generous) = 60,000
- Number of bits needed for single axis = log((40075 km)/(3 meters))/log(2) = 24 bits
- Number of bits needed for two axis = 48 bits
- Number of bits given by a single word = log(60000)/log(2) = 15.8
- Number of words required for two axis = ceil(48/15.8) = 3
Also, keep in mind, 60,000 words is generous; this many words would probably include lots of archaisms. For comparison, 1password uses 18,000 words in its dictionary. You could probably shave off some bits by getting rid of slices from the north/south poles. You might also save space by ignoring parts of the ocean, but then it starts getting non-trivial.