Wavelet analysis was applied to detect the greatest deviation from the perfect circle for the roundness and cylindricalness of shaft-like components in the virtual manufacturing engineering. Based on the concepts of the roundness and cylindricalness, the least square method was adopted into the determination of the reference—the least square circle from which the deviation was calculated. In order to obtain the extremum of the errors, wavelet transform was carried out with binary wavelet from the time domain to frequency domain. A virtual probe was used to have the signals for the measured point by using WTnode_gettranslation() function. The accuracy of the measurement depends, to a large extent, on the length of individual step along the axis and the density of the measured points on the sections. Experiments have shown that the measuring processing was time-saving and the results from the wavelet analysis were much reliable.