In this paper, we propose an asynchronous IR-UWB ranging system based on the two-way ranging protocol. The periodic pulse sequence is used to measure a distance between two devices. At the receiver, a received signal is first transformed into a frequency-domain signal using an analog correlator bank and digital signal processing is followed in the frequency-domain. This make it possible for the system to use an ADC with a conversion speed of pulse rate. The proposed algorithm at the receiver side includes a peak detection procedure using mutipath channel compensation and matched filtering, and retransmits a pulse sequence synchronized with the detected peak. The validity of the proposed algorithm is verified from simulation results where the CM1 channel is assumed.