In this paper, a new time-domain parameter extraction method for speech recognition is proposed. The suggested emthod is based on the fact that the local peak-to-peak interval, i.e., the interval between maxima and minima of speech waveform is closely related to the frequency component of the speech signal. The parameterization is achieved by a sort of filter bank technique in the time domain. To test the proposed parameter extraction emthod, an isolated word recognizer based on Vector Quantization and Hidden Markov Model was constructed. As a test material, 22 words spoken by ten males were used and the recognition rate of 92.9% was obtained. This result leads to the conclusion that the new parameter extraction method can be used for speech recognition system. Since the proposed method is processed in the time domain, the real-time parameter extraction can be implemented in the class of personal computer equipped onlu with an A/D converter without any DSP board.