To monitor the torque of an induction motor using current, rotating speed has been measured and used to calculate the slip angular velocity. Additional sensor, however, can cause extra expense and trouble. In this paper, a new algorithm is proposed to monitor the torque of vector controlled induction motor without any speed measuring sensor. Only stator current is measured to estimate the magnetizing current which is used to calculate flux linkage, rotor velocity and motor torque. Graphical programming is used to implement the suggested algorithm and to monitor the torque of an induction motor in real time. To solve the fluctuation problem of estimated torque caused from instantly varying rotating speed of an induction motor, the rotating speed is reconstructed based on the measured current signals. From several experiments, the proposed method shows a good estimation of the motor torque under the normal rotational speed.