A new method of elimination of power line noise in electrocardiogram signals is presented. The proposed method employs, as its main building block, a recently developed signal processing algorithm capable of extracting a specified component of a signal and tracking its variations over time. Design considerations and performance of the proposed method are presented with the aid of computer simulations. Superior performance is observed in terms of effective elimination of noise under conditions of varying powerline interference frequency. The proposed method presents a simple and robust structure which complies with practical constraints involved in the problem such as low computational resource availability and low sampling frequency.