When a vibration data for a rotating machine such as a pump or a compressor is concerned, the frequency fluctuation of the energy contents at an instant time may provide useful information on understanding the vibration characteristics of the rotating machinery, rather than the averaged energy distribution along the frequency axis. Especially, when a periodic signal has different spectral contents, the approach to use the averaged frequency distribution, called the normal frequency analysis, may not be appropriate to extract vibration source characteristics of the structure. This paper introduces a way to analyze the signal based on an instant time. In order to evaluate the performance of the various approach, the investigatation compares three different algorithms which are frequently implemented in the instantaneous frequency analysis. Also for the noise effect embodied in the true signal, various cases for different SN ratio have been examined. The result shows that the noise level is crucial to evalute the instantaneous frequency analysis. In order to implement the instantaneous frequency analysis, the extraction of the relevant information from the measured signal should have the high S/N ratio, i, e., 40 dB or above.