This study shows the time delay compensation for tracking differentiator and its application on phase sensor. Filtering time delay compensation algorithm for phase sensor of high speed maglev train with Electromagnetic Suspension (EMS) system is studied. Firstly, the structure and functions of the sensor are introduced. Secondly, the reasons for the phase signal distortion are analyzed. Then, a kind of nonlinear Tracking Differentiator (TD) is introduced. The time delay characteristics of the nonlinear TD are studied and the time delay constant is figured out approximately. Then, a compensation algorithm is proposed based on phase forecasting. At last the TD and its compensation algorithms are applied to the phase signal to improve the waveform. The experimental results show that the designed algorithm is effective.