Dr Marie Fraser, a specialist registrar at Woodend Hospital in Scotland, UK, is carrying out the research.
She told CNN: "Falls are the most common cause of accidental injury in older people and the most common cause of accidental deaths in 75-year-olds and over."
It is hoped that using the Wii Fit's balance board can improve elderly people's balance and confidence.
Dr Alison Stewart, who devised the study said she came up with the idea while working in the Osteoporosis department at the University of Aberdeen, after seeing a large number of fractures in old people who had fallen.
Stewart, a commercial research manager with the NHS, said she then decided to research how to improve older people's balance.
She told CNN: "There exists a medical fitness device that improves balance, but it is expensive and I could not get the funding.
"That's when I looked up the Wii and discovered it is very similar to the other equipment, but less expensive.
"What is great about the Wii is it also has an entertainment value. The fact that it is enjoyable also makes the compliance rate higher."
The latest study comes as another pilot study at Southern Cross University, Australia looked at the benefits of using the Wii to help Parkinson's sufferers.
A group of seven older people with and without the degenerative condition took part in the pilot project, and were put through an almost daily regime of playing the Nintendo Wii.
Associate Professor Rick van der Zwan who led the research said initial results were "positive." They ultimately hope to determine the effectiveness of computer games in developing muscle strength and co-ordination and reducing the risk of falls for people with Parkinson's.
"People generally start to develop the disease in their 50s or 60s. It leads to inertia and people become unstable on their feet," said Van der Zwan in a media statement.
