A method and a system for measuring the velocity of a projectile. The method and system employ sensors that uses magnetoresistive sensing elements to measure the velocity of a projectile. Two magnetoresistive based sensors may be used to sense a time at which a projectile crosses a sense path associated with each of the sensors. Because the sensors employ magnetoresistive sensing elements, high quality voltage signals are produced, allowing accurate time measurements to be calculated. Accordingly, the velocity of the projectile can be determined by using these time measurements along with a measured spacing distance between the sensors.