This paper deals with the problem of estimating the asymptotic stability region(ASR) of uncertain variable structure systems with bounded controllers. Using linear matrix inequalities(LMIs) we estimate the ASR and show the exponential stability of the closed-loop control system in the estimated ASR. We give a simple LMI-based algorithm to get estimates of the ASR. We also give a synthesis algorithm to design a switching surface which will make the estimated ASR big. Finally, we give numerical examples in order to show that our method can give better results than the previous ones for a certain class of uncertain variable structure systems with bounded controllers.