Segmentation is the process of representing a digital image into multiple meaningful regions. Since these applications require more computational power in real time applications, we have implemented a new segmentation algorithm using the capabilities of Eye-RIS Vision System to execute the algorithm in very short time. The segmentation algorithm is implemented mainly in three steps. In the first step, which is pre-processing step, the images are acquired and noise filtering through Gaussian function is performed. In the second step, Sobel operators based edge detection approach is implemented on the system. In the last step, morphologic and logic operations are used to segment the images as post processing. The experimental results performed for different images show the accuracy of the proposed segmentation algorithm. Visual inspection and timing analysis (7.83 ms, 127 frame/sec) prove that the proposed segmentation algorithm can be executed for real time video processing applications. Also, these results prove the capability of Eye-RIS Vision System for real time image processing applications.