Serendip II is an automated system designed to perform a real time search for narrow band radio signals in the spectra of sources in a regularly scheduled, non-Seti, astronomical observing program. Because we expect Serendip II to run continuously without requiring dedicated observing time, we hope to survey a large portion of the sky at high sensitivity and low cost. Serendip II will compute the power spectrum using a 65,536 channel fast Fourier transform processor with a real time bandwidth of 128 KHz and 2 Hz per channel resolution. After searching for peaks in a 100 KHz portion of the radio telescope's IF band, Serendip II will move to the next 100 KHz portion using a programmable frequency synthesizer; when the whole IF band has been scanned, the process will start again. Unidentified peaks in the power spectra are candidates for further study and their celestial coordinates will be recorded along with the time and power, IF and RF frequency, and bandwidth of the peak.