This paper provides a detailed analysis of a recently proposed algorithm for efficient frequency estimation and tracking. A correlation based Pulse-Pair (PP) method, which is an efficient technique for frequency estimation, is used for the frequency tracking. It is known that the PP method has a very low number of multiplications, but, has the disadvantage of requiring inverse tan operations in its implementation. Using an efficient recursive technique for implementing inverse tan operation the PP method is extended for frequency estimation and tracking of signals with time varying frequencies.