Purpose: Advancements in MRI Tissue Phase Velocity Mapping (TPM) allow for the acquisition of higher quality velocity cardiac images providing better assessment of regional myocardial deformation for accurate disease diagnosis, pre-operative planning and post-operative patient surveillance. Translation of TPM velocities from the scanner's reference coordinate system to the regional cardiac coordinate system requires decoupling of translational motion and motion due to myocardial deformation. Despite existing techniques for respiratory motion compensation in TPM, there is still a remaining translational velocity component due to the global motion of the beating heart. To compensate for translational motion in cardiac TPM, we propose an image-processing method, which we have evaluated on synthetic data and applied on in vivo TPM data. Methods: Translational motion is estimated from a suitable region of velocities automatically defined in the left-ventricular volume. The region is generated by dilating the medial axis of myocardial masks in each slice and the translational velocity is estimated by integration in this region. The method was evaluated on synthetic data and in vivo data corrupted with a translational velocity component (200% of the maximum measured velocity). Accuracy and robustness were examined and the method was applied on 10 in vivo datasets. Results: The results from synthetic and in vivo corrupted data show excellent performance with an estimation error less than 0.3% and high robustness in both cases. The effectiveness of the method is confirmed with visual observation of results from the 10 datasets. Conclusion: The proposed method is accurate and suitable for translational motion correction of the left ventricular velocity fields. The current method for translational motion compensation could be applied to any annular contracting (tissue) structure.