The objectives of this study were to systemically identify phenolic compounds in roasted wild ginseng (Panax ginseng C.A. Meyer) leaves and investigate their radical scavenging activities. Seven phenolic compounds were identified by NMR (H, C, COSY, HMQC, HMBC) and mass (EI-MS, FAB-MS) analyses: 5-caffeoylquinic acid, kaempferol, quercetin, 3,4-dihydroxy-benzoic acid, 4-hydroxy-benzoic acid, 3-(3,4-dihydroxyphenyl)-2-propenoic acid, and 3-(4-hydroxy-3-methoxyphenyl)-2-propenoic acid. Their concentrations ranged from 0.4 (3,4-dihydroxy-benzoic acid) to 7.5 mg (kaempferol) per 100 g of roasted leaves. Among these compounds, 5-caffeoylquinic acid, kaempferol, and quercetin were found exclusively in the leaf portions of the ginseng plants. When their antioxidant activities were measured by DPPH and superoxide anion radical scavenging activity, quercetin, and kaempferol were most effective.