An approach to computing estimates of the ultrasound pulse spectrum from echo-ultrasound RF sequences, measured from biological tissues, is proposed. It is computed by a "projection" algorithm based on the Discrete Wavelet Transform (DWT) using averaging over a range of linear shifts. It is shown that the robust, shift invariant estimate of the ultrasound pulse power spectrum can be obtained by the projection of RF line log spectrum on an appropriately chosen subspace of L2(R) (i.e., the space of square-integrable functions) that is spanned by a redundant collection of compactly supported, scaling functions. This redundant set is formed from the traditional (in Wavelet analysis) orthogonal set of scaling functions and also by all its linear (discrete) shifts. A proof is given that the estimate, so obtained, could be viewed as the average of the orthogonal projections of the RF line log spectrum, computed for all significant linear shifts of the RF line log spectrum in frequency domain. It implies that the estimate is shift-invariant. A computationally efficient scheme is presented for calculating the estimate. Proof is given that the averaged, shift-invariant estimate can be obtained simply by a convolution with a kernel, which can be viewed as the discretized auto-correlation function of the scaling function, appropriate to the particular subspace being considered. It implies that the computational burden is at most O(n log2 n), where n is the problem size, making the estimate quite suitable for real-time processing. Because of the property of the wavelet transform to suppress polynomials of orders lower than the number of the vanishing moments of the wavelet used, the presented approach can be considered as a local polynomial fitting. This locality plays a crucial role in the performance of the algorithm, improving the robustness of the estimation. Moreover, it is shown that the "averaging" nature of the proposed estimation allows using (relatively) poorly regular wavelets (i.e., short filters), without affecting the estimation quality. The latter is of importance whenever the number of calculations is crucial.