Japanese	American
Different SEGA logo animations, which are shown before the intro. The Japanese version also plays a short jingle, whilst the American version just has engine noise:
Japanese	American

Japanese	American
Different menu screen designs.

Japanese	American
The Japanese version has faster default times to beat than the American version. Some of the circuit icons are also slightly different.

Japanese	American
The Japanese version has an "EXHAUSTNOTE" option which I'm not quite sure on what it does. This is not in the American version. The default B.G.M. is "DEMONSTRATION" in Japanese version, in the American version it is "FASTEST LAP".

Japanese	American
The control menu has different fonts.

Japanese	American
At one left turn on the Sand Park circuit, there is a yellow arrow in the Japanese version which is not present in the American game.

NOTES

-The Japanese version has battery back up, which allows you to save lap times and the mirror mode. The American version doesn't have this.

-The American version has a SEGA Sports logo shown after the SEGA logo. This is not present in the Japanese version.

-The way the announcer says "Virtua Racing" at the end of the intro is different depending on the version: Japanese / American