Since the cosmic peculiar velocity field depends strongly on small wav
enumber modes, we cannot probe its universal properties unless we obse
rve a sufficiently large region. We calculate the expected deviation (
sample variance) of the peculiar velocity dispersion from its universa
l value in the case where the observed volume is finite. Using linear
theory, we show that the sample variance remains as large as similar t
o 10%, even if the observed region is as deep as 100 h(-1) Mpc, and th
at it seriously affects the estimation of cosmological parameters from
the peculiar velocity field.