What is the spatial distance of two stars, if each of them is outside of the observable universe of the other? Even by the means of a thought experiment, we could not synchronize the two clocks of both stars, the synchronization being required for the indication of the spatial distance with respect to the reference frame of an observer, taking into account Lorentz contraction. By consequence, no distance could be defined, as it seems to be confirmed by the answer to this question. Distances beyond the observable universe would become meaningless.
Edit: In his answer below, John Rennie shows a current way how distance is calculated:
The distance to the star is the spatial distance between our current position ($t_0$,0,0,0) and the star's current position ($t_0$,x,y,z). To calculate this distance we have to construct a spacelike hypersurface with constant time t0. For the flat FLRW spacetime this is dead easy because the sapcetime naturally foliates into Euclidean submanifolds (x,y,z) of constant comoving time, and the distance is just: (…) where a(t) is the scale factor.
The problem is how to define a common $t_0$ for both our position and the star's position. This seems impossible because relativity of simultaneity is always limited to the observer's observed universe. An observer can define simultaneous points only within the limits of his observed universe. Even in a thought experiment this is not possible.