PHM Pegasus is a naval combat simulation game developed by Lucasfilm Games and released in 1986. The game puts players in command of a U.S. Navy hydrofoil missile craft, specifically the PHM (Patrol Hydrofoil Missilecraft) Pegasus class.

Set in the Gulf of Sidra during a period of heightened tensions with Libya, PHM Pegasus offers a unique blend of strategy and action. Players must navigate the hydrofoil through hostile waters, engaging enemy vessels and aircraft while managing the ship's resources and systems. The game features multiple mission types, including patrol, escort, and attack scenarios.

PHM Pegasus stands out for its attention to detail and realism, incorporating elements such as radar operation, weapon selection, and damage control. The hydrofoil's ability to switch between displacement and foilborne modes adds an extra layer of tactical decision-making. With its combination of strategic planning and real-time combat, PHM Pegasus provides a challenging and immersive naval warfare experience that was ahead of its time for mid-1980s computer gaming.