I do believe there is a signal that leads you there, but I can't recall if you need it to find the island. I would just recommend trying to follow the line of sight in that rough video I made xD. Hopefully someone with more knowledge on what it takes to find the island will comment here soon xD
Maybe a silly suggestion/question, but do you have the compass? I play the PC version and I too can easily not find the island if I don't have the compass to guide my direction. Orientation is actually quite difficult in the game and pretty much the only landmark that's easy to find is the Aurora.
the Floater Island is South-West of the backend of Aurora, when you get closer to it you can start to see some flying buildings thanks to thos been rendered on a bigger distance then the landmass
Head south from the starting area. You'll pass through creepvine forests(has a green tint) and grassy plains( red grass) you'll either come to the desolate reef, which as its name suggests is pretty desolate or you'll have to dive way way deep to get to the grand reef. Once you end up in one of those zones, surface and draw s line from the auroras port (left if you're on the ship facing forward) side engine along the side of the auroras beam( outer edge)and it should point you right at it. It's on the border of the two zones.
Look for mist above the water first, then the buildings will render. Unfortunately you won't really see the land until you're almost on top of it.
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Everything you need to know ^
Oh right, I forgot to mention that part xD, It is on xbox and I have found it on both survival and I believe creative.
https://youtube.com/watch?v=44aiW8jGcDs
Made a quick video to show you the basic location, gonna see if it is there in creative now.
Look for mist above the water first, then the buildings will render. Unfortunately you won't really see the land until you're almost on top of it.