Recently, active research has been going on to measure the elastic modulus of human soft tissue with medical ultrasound imaging systems for the purpose of diagnosing cancers or tumors which have been difficult to detect with conventional B-mode imaging techniques. In this paper, a real-time ultrasonic elasticity imaging system is implemented in software on a Pentium processor-based ultrasonic diagnostic imaging system. Soft tissue is subjected to external vibration, and the resulting tissue displacements change the phase of received echoes, which is in turn used to estimate tissue elasticity. It was confirmed from experiment with a phantom that the implemented elasticity imaging system could differentiate between soft and hard regions, where the latter is twice harder than the former, while operating at an adequate frame rate of 20 frames/s.