Developments of many cardiovascular problems have been shown to have a close relationship with arterial flow conditions. An ultrasound-based particle image velocimetry technique(Echo PIV) was recently developed to measure multi-component velocity vectors and local shear rates in arteries and opaque fluid flows by identifying and tracking flow tracers (ultrasound contrast microbubbles) within these flow fields. To improve the measurement accuracy, sub-pixel calculation method was adopted in this paper to maximize the ultrasound RF signal and B mode image correlation accuracy and increase the image spatial resolution. This algorithm is employed in processing both computer-generated particle image patterns and the B-mode images of microbubbles in rotating flows obtained by a high frame rate (up to 1000 frames per second) ultrasound imaging system. The results show the correlation of particle patterns and individual flow vector quality are improved and the overall flow mappings are also improved significantly. This would help the Echo PIV system to provide better multi-component velocity accuracy.