This letter proposes an Ultra WideBand (UWB) channel gain estimation algorithm that is based on frequency response correlation. From data measured in indoor and outdoor environments, the frequency correlation statistics of the UWB channel are characterized by correlation coefficients, which are represented as functions of the frequency separation according to the propagation environments. We use empirically established correlation coefficient models to develop the proposed channel gain estimation algorithm. In this algorithm, unknown channel gains of intermediate frequencies are estimated from known channel gains of neighboring reference frequencies. The performance of the proposed algorithm is evaluated against various configurations of reference frequencies and compared with that of a conventional estimation algorithm using a linear interpolation scheme.