Actually, I can do better with two components....
Oh, darn, can't find a 1.5V zener. Let's make it three passive components.
+12
----Dropping resistor--------------1.2V
|
Diode
|
Diode
|
------------------------------------------
Gnd
(amn, can't format that right. Move the diodes to the right of the dropping resistor)
Use a high-power resistor (power = R * I^2). Calculate it's value so that some amount of current (say, 2 to 3 times the amount drawn by your device) is continuously running through the diodes (this, of course, only works for very low powered devices). Attach your device across the diodes, and you'll have a pretty well regulated 1.2V source. If the battery voltage goes up (very common in a car electrical system to see microsecond long spikes above 24V), the diodes keep the voltage around 1.2V as opposed to the resistor-divider network. If the battery voltage goes down, less current flows through the diodes and 1.2V is still available to your device.
As with the LM317 suggestion, I'd certainly test this with a Voltmeter and a resistor as the load, rather than your fancy schmancy electronic device.
/frank