The conduction velocity of peripheral neurons recorded by wire microelectrodes implanted in intact, freely moving cats was determined on-line using the technique of spike-triggered averaging of nerve cuff electrode records described here. Axonal velocity was estimated from the conduction latency between two adjacent sets of tripolar recording electrodes inside a cuff, thereby avoiding uncertainties that could arise from differences in spike shape, variable conduction distance, or unknown stimulus utilization time. This method rendered conduction velocity values for individual afferent and efferent myelinated fibers ranging from 27 to 120 m/sec, estimated with an uncertainty of ±5%. In addition, predictions from theoretical models relating extracellular potential amplitude, wavelength, and conduction velocity were confirmed experimentally for en passant records obtained from intact myelinated fibers.