Virtual metrology(VM) is a promising technology which can convert off-line sampling inspection into on-line total inspection at the manufacturing process. This paper provides an economic evaluation model of VM system which predicts the defects of a target process with Bernoulli sampling inspection. For this purpose, we build M/G/1 queueing models of two systems. One is VM non-applied system and the other is VM applied one. We derive total costs per unit time of each system and conduct sensitivity analysis according to variations of input parameters such as defect rates, various process costs and VM prediction error rates. The proposed analysis model is expected to be used for evaluating economic values of VM system implementation projects.