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In this paper, a novel algorithm based on phase correlation and gray-scale projection is proposed to estimate the global motion vectors between each two consecutive image frames in jitter videos. In the algorithm, phase correlation is used firstly to estimate the approximate global motion vectors. Then the gray-scale projection algorithm based on the results of the phase correlation is used to generate the accurate global motion vectors. This algorithm has the characteristic of low computation load, high precision, wide range and strong anti-jamming. The experiments results demonstrate that the proposed algorithm can generate accurate global motion vectors with errors less than one pixel in real time for the jitter video sequence with the size of 704 times 576.