PCM-NRZ/FM Telemetry system is constructed on the basis of RF link with FM modulatedand NRZ-L binary coded PCM data are assumed to transmit through 5th-order Bessel filter. Upon demodulated by the limiter-discriminator at the receiver, the probability of bit error, which is important for performance estimation of digital system, is analyzed against SNR. The analysis based on the following parameters, that is bit rate 140kHz, frequency of pre-modulation filter f-100kHz, maximum frequency deviation of transmitter 2f=300kHz, was performed. As a result, when the telemetry system with the parameters above is designed, the probability of bit error is obtained as 10 along with fT=0.7 and h=2, T=2.