Protocol feature words are byte subsequences within traffic payload that can distinguish application protocols, and they form the building blocks of many constructions of deep packet analysis rules in network management, measurement, and security systems. However, how to systematically and efficiently extract protocol feature words from network traffic remains a challenging issue. Existing approaches like those based on $n$-gram or Common String (CS), which simply breaks payload into equal-length pieces or attempts to find a frequent itemset, are ineffective in capturing the hidden statistical structure of the payload content. In this paper, we propose ProWord, an unsupervised approach that extracts protocol feature words from traffic traces. ProWord builds on two nontrivial algorithms. First, we propose an unsupervised segmentation algorithm based on the modified Voting Experts algorithm, such that we break payload into candidate words according to entropy information and provide more accurate segmentation than existing $n$-gram and CS approaches. Second, we propose a ranking algorithm that incorporates different types of well-known feature word retrieval heuristics, such that we can build an ordered structure on the candidate words and select the highest ranked ones as protocol feature words. We compare ProWord and existing prior approaches via evaluation on real-world traffic traces. We show that ProWord captures true protocol feature words more accurately and performs significantly faster.