The seismic cone penetration test (SCPT) has proven to be a very valuable geotechnical tool in facilitating the determination of low strain (<104%) in situ compression (P) and shear (S) wave velocities. The P- and S-wave velocities are directly related to the soil elastic constants of Poisson's ratio, shear modulus, bulk modulus, and Young's modulus. The accurate determination of P- and S-wave velocities from the recorded seismic cone time series is of paramount importance to the evaluation of reliable elastic constants. Furthermore, since the shear and compression wave velocities are squared in deriving the elastic constants, small variations in the estimated velocities can cause appreciable errors. The standard techniques implemented in deriving SCPT interval velocities rely upon obtaining reference P- and S-wave arrival times as the probe is advanced into the soil profile. By assuming a straight ray travel path from the source to the SCPT seismic receiver and calculating the relative reference arrival time differences, interval SCPT velocities are obtained. The forward modeling downhill simplex method (FMDSM) outlined in this paper offers distinct advantages over conventional SCPT velocity profile estimation methods. Some of these advantages consist of the allowance of ray path refraction, greater sophistication in interval velocity determination, incorporation of measurement weights, and meaningful interval velocity accuracy estimators.Key words: seismic cone penetration testing (SCPT), downhill simplex method (DSM), forward modeling, Fermat's principle, weighted least squares (l2 norm), cost function.