In ultrasound elastography, tissue axial strains are obtained through the differentiation of measured axial displacements. However, during the measurement process, the displacement signals are often contaminated with de-correlation noise caused by changes in the speckle pattern in the tissue. Thus, the application of the gradient operator on the displacement signals results in the presence of amplified noise in the axial strains, which severely obscures the useful information. The use of an effective denoising scheme is therefore imperative. In this paper, a method based on a two-stage consecutive filtering approach is proposed for the accurate estimation of axial strains. The presented method considers a cascaded system of a frequency filter and a time window, which are both designed such that the overall system operates optimally in a mean square error sense. Experimentation on simulated signals shows that the two-stage scheme employed in this study has good potential as a denoising method for ultrasound elastograms.