In this work, performance of a precise time of arrival (ToA) estimation algorithm under multipath fading is tested. The algorithm, which is enhanced to be used for applications using 60 GHz band, is effectively using the advantage of unlicensed 6 GHz bandwidth available at 60 GHz band. A pilot signal is used for estimation. Implementation complications of transmitter and receiver circuits are taken into consideration as well as international regulations on 60 GHz band while forming this signal. Therefore, implementation details are primary concern on choosing pilot signal and ToA estimation algorithm parameters. ToA estimation algorithm under test provides millimeter level estimation precision under additive white Gaussian noise channel. When a pilot signal of 2.5 ns duration and 6 GHz bandwidth is used, estimation precision of the same algorithm varies from 2 millimeter to 1 centimeter, under the indoor environment provided by IEEE 802.153c channel models.