This paper presents a three dimensional ultrasound (3DUS)-based visual servoing technique for intraoperative tracking of the motion of both surgical instruments and tissue targets. In the proposed approach, visual servoing techniques are used to control the position of a virtual ultrasound probe so as to keep a target centered within the virtual probe's field-of-view. Multiple virtual probes can be servoed in parallel to provide simultaneous tracking of instruments and tissue. The technique is developed in the context of robotic beating-heart intracardiac surgery in which the goal of tracking is to both provide guidance to the operator as well as to provide the means to automate the surgical procedure. To deal with the low signal-to-noise ratio (SNR) of the 3DUS volumes, an intensity-based method is proposed that requires no primitive extraction or image segmentation since it directly utilizes the image intensity information as a visual feature. This approach is computationally efficient and can be applied to a wide range of tissue types and medical instruments. This paper presents the first validation of these techniques through offline robot and tissue tracking using actual in vivo cardiac volume sequences from a robotic beating-heart surgery.