In ultrasonic elastography, the exact estimation of temporal displacements between two signals is the key to estimating strain. An algorithm was previously proposed that estimates these displacements using phase differences of the corresponding base-band signals. A major advantage of these algorithms compared with correlation techniques is the computational efficiency. In this paper, an extension of the algorithm is presented that iteratively takes into account the time shifts of the signals to overcome the problems of aliasing and accuracy in the estimation of the phase shift. Thus, it can be proven that the algorithm is equivalent to the search of the maximum of the correlation function. Furthermore, a robust logarithmic compression is proposed that only compresses the envelope of the signal. This compression does not introduce systematic errors and significantly reduces decorrelation noise. The resulting algorithm is a computationally simple and very fast alternative to conventional correlation techniques, and the accuracy of strain images is improved.