In our studies on ultrasonic elasticity assessment, minute change in the thickness of the arterial wall was measured by the phased-tracking method. However, most images in carotid artery examinations contain multiple-reflection noise, making it difficult to evaluate arterial wall elasticity precisely. In the present study, a modified phased-tracking method using the pulse inversion method was examined to reduce the influence of the multiple-reflection noise. Moreover, aliasing in the harmonic components was corrected by the fundamental components. The conventional and proposed methods were applied to a pulsated tube phantom mimicking the arterial wall. For the conventional method, the elasticity was 298 kPa without multiple-reflection noise and 353 kPa with multiple-reflection noise on the posterior wall. That of the proposed method was 302 kPa without multiple-reflection noise and 297 kPa with multiple-reflection noise on the posterior wall. Therefore, the proposed method was very robust against multiple-reflection noise.