Woah! Look at this!
http://arxiv.org/pdf/astro-ph/9804065v1.pdf
This may well have superseded what I had in mind a few minutes ago:
Snapshot Distances to Type Ia Supernovae -- All in ``One'' Night's Work
Adam G. Riess,
Peter Nugent,
Alexei V. Filippenko,
Robert P. Kirshner,
Saul Perlmutter
(Submitted on 6 Apr 1998)
We present an empirical method which measures the distance to a Type Ia supernova (SN Ia) with a precision of ~ 10% from a single night's data. This method measures the supernova's age and luminosity/light-curve parameter from a spectrum, and the extinction and distance from an apparent magnitude and color. We are able to verify the precision of this method from error propagation calculations, Monte Carlo simulations of well-sampled SNe Ia, and the Hubble diagram of scarcely observed supernovae. With the reduction in telescope time needed, this method is three to four times more efficient for measuring cosmological parameters than conventional light-curve based distance estimates.
32 pages, 5 figures, Accepted Astrophysical Journal
I've sat in on several semesters of lectures by one of these guys and I have the highest respect for them as a group. Riess, Perlmutter, Filippenko are known top people in cosmology.
Since I don't know the detailed history of the 1998 discovery I can't swear that this method was used successfully, but it's worth trying to understand it. they claim it supersedes the earlier "light-curve" method, which required observation over a longer span of time.
The slide presentation abstract
http://arxiv.org/abs/astro-ph/9812473 suggests looking at this longer,more technical paper, for details:
http://arxiv.org/abs/astro-ph/9812133