A method is disclosed for determining compressional (P) wave and shear (S) wave velocities from seismic data acquired using multiple component receivers. The method includes estimating interval velocity of P waves from earth's surface to a first reflector from P wave arrivals in the seismic data. A interval ratio of P wave to S wave velocity is estimated from earth's surface to the first reflector from P-S wave arrivals in the seismic data. An S wave interval velocity is estimated from the estimated P wave interval velocity and interval ratio. A depth is determined from the earth's surface to the first reflector using each of the P wave and S wave estimated interval velocities, the depths to the first reflector estimated using each of the P wave and S wave estimated interval velocities are balanced.
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