This paper presents a low cost design and implementation of a parallel parking assist system (PPAS) based on ultrasonic sensors. Generally, a PPAS requires several types of sensors, such as an ultrasonic sensor, camera sensor, radar sensor and laser sensor for parking space detection. However, our proposed PPAS only requires two ultrasonic sensors on the front and lateral sides for parking space detection. Moreover, a steering angle sensor and wheel speed sensor installed in the vehicle are used to obtain vehicle position information for localization in ultrasonic range data. The hardware architecture of the PPAS based on an electronic control unit (ECU) module, sensor modules and a human machine interface (HMI) module was proposed. Moreover, the software architecture of the PPAS is based on system initialization, scheduling, recognition and a control algorithm. In particular, a novel sensor algorithm was proposed to minimize the vehicle corner error of the ultrasonic sensor. A prototype of the PPAS based on the proposed architecture was constructed. The experimental results demonstrate that the implemented prototype is robust and successfully performs parking space detection and automatic steering control. Finally, the low cost design and implementation of the PPAS was possible due to the cheap ultrasonic sensors, simple hardware design and low computational complexity of the proposed algorithm.