The Atomic Clocks Ensemble in Space (ACES/PHARAO mission), which will be installed on board the International Space Station (ISS), uses a dedicated two-way microwave link in order to compare the timescale generated on board with those provided by many ground stations disseminated on the Earth. Phase accuracy and stability of this long range link will have a key role in the success of the ACES/PHARAO experiment. SYRTE laboratory is heavily involved in the design and development of the data processing software: from theoretical modeling and numerical simulations to the development of a software prototype. Our team is working on a wide range of problems that need to be solved in order to achieve high accuracy in (almost) real time. In this article we present some key aspects of the measurement, as well as current status of the software's development.