Create sensor to detect objects and their distances

Hi!
I’m working on a game in the style of the Metroid Prime games, and am designing a system to emulate the Wii-mote control style where the reticle is semi-independent of the camera. The system I came up with to aim projectiles from the player’s gun involves finding the distance between the player and whatever the player’s reticle is hovering over. I know in unity there are game objects that sense if they touch an object and return the distance between their origin and the thing they touched, but I don’t know how to do this in Unreal. I need something that functions like a laser pointer, detecting if it touches something and returning the distance. How do I make this?

That would be a line trace: