An automatic speed control system continually adjusts the speed of an implanted cardiac assist blood pump to an optimum level for the varying physiological needs of the patient. It does this by periodically iteratively incrementing the speed setpoint of the pump. When the system detects the imminence of a ventricular collapse at diastole, it decrements the speed setpoint by a predetermined safety margin. An alarm condition is provided if the setpoint decrease results in an insufficient blood flow rate through the pump. The flow rate and imminence of ventricular collapse are computed in real time as functions of only the pump’s motor current and speed setpoint.