Based on the recently quick-developing time-frequency analysis (TFA) technique and virtual instrument (VI) technique, a virtual instrument in characteristic analysis of rotating machinery is researched and developed successfully. By utilizing instantaneous frequency estimation (IFE) theoretics of TFA technique, and based on IFE of peak searching on the time-frequency spectrum, order analysis (OA) functions is put forward and implemented, such as order spectrum, order spectrum matrix, order tracking, order tracking filtering, and order component extraction, etc. Unlike the home and abroad existing popular characteristic analyzers, which need key phasing devices such as shaft encoder, phase-locked loop (PLL), phase-locked multiple frequency, tachometer, etc, to implement constant angle sampling directly or indirectly, whereas this instrument only uses the vibration signal of rotating machinery to carry out OA. This instrument makes up the shortage of these traditional instruments in analyzing the non-stationary signal of run-up and run-down process of rotating machinery. Therefore, it is a great breakthrough for the existing order analyzers.