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In ultrasound strain and elasticity imaging, an accurate and cost-effective sub-pixel displacement estimator is required because strain/elasticity imaging quality relies on the displacement SNR, which can often be higher if more computational resources are provided. In this paper, we introduce an autocorrelation-based method to cost-effectively improve subpixel displacement estimation quality. To quantitatively evaluate the performance of the autocorrelation method, simulated and tissue-mimicking phantom experiments were performed. The computational cost of the autocorrelation method is also discussed. The results of our study suggest the autocorrelation method can be used for a real-time elasticity imaging system.