In order to improve the applicability of Intravascular Ultrasound (IVUS), it is necessary to develop a fine probe as soon as possible. In the meantime, to improve the accuracy of diagnoses, it is effective to acquire fine images using a pulse compression system (PCS). Since the region near the probe has to be measured, adopting a PCS requires two transducers for independently transmitting and receiving. In this study, we propose an extremely miniaturized transducer system having two transducers, and a new compression algorithm for IVUS based on a PCS using the sum of an FM up-chirp and an FM down-chirp as a transmitted signal.