To obtain an elliptical trajectory at the cutting edge during elliptical vibration cutting, sinusoidal voltage excitations of two piezoelectric actuators have commonly been used. In this study, PWM excitation, which is relatively simple to generate, was employed and its characteristics were investigated. In experimental and analytical analyses, we found that for PWM excitation, the integer-multiple frequencies of the excitation voltage distorted the shape of the elliptical trajectory, whereas at a duty ratio(DR) of 50%, the distortion of the elliptical trajectory was minimized due to disappearance of the first overtone. When the magnitude of the maximum excitation voltage was maintained at the same level for both PWM and sinusoidal excitation, PWM (DR=50%) excitation produced a greater vibration amplitude than sinusoidal excitation but resulted in more rapid saturation of a high-frequency power amplifier.