We address the joint estimation of the two defining parameters of a displacement operation in phase space. In a measurement scheme based on a Gaussian probe field and two homodyne detectors, it is shown that both conjugated parameters can be measured below the standard quantum limit when the probe field is entangled. We derive the most informative Cramér-Rao bound, providing the theoretical benchmark on the estimation, and observe that our scheme is nearly optimal for a wide parameter range characterizing the probe field. We discuss the role of the entanglement as well as the relation between our measurement strategy and the generalized uncertainty relations.