The utilization of electric vehicles has been suggested to support the frequency regulation of power system. Assuming that an intermediate aggregator exists, this study suggests a decentralized vehicle-to-grid operation scheme in which each vehicle-to-grid aggregator can behave independently of the power system operator. To implement this type of decentralized operation, this study adopts a price-based operation that has been proposed by many researches as an alternative operation scheme for the power system. In this environment, each vehicle-to-grid aggregator can determine its participation in vehicle-to-grid service in consideration of its residual energy of aggregated system and real-time market price. Consequently, the main purpose of this study is to verify whether or not the vehicle-to-grid power can effectively support the current frequency regulation function within the price-based operation scheme. Specifically, a frequency regulation method is proposed based on the real-time price signal, and a feedback controller for battery management is designed for decentralized vehicle-to-grid operation.