Using the Schwarzchild metric for a body circularly orbiting a nonspinning black hole (i.e. $dr=0$), the relation between $d\tau$, the time between two light pulses sent out infinitesimally close together, as measured by the object, and $dt$, the time between the pusles as measured by the observer far away from the black hole who recieves these pulses, is $$c^2 d\tau^2=\frac{c^2dt^2 }{1+\frac{r_s}{r}}-r^2d\theta^2$$
$$\left(\frac{d\tau}{dt}\right)^2=\frac{1 }{1+\frac{r_s}{r}}-\left(\frac{r \dot{\theta}}{c}\right)^2=\frac{1 }{1+\frac{r_s}{r}}-\left(\frac{v}{c}\right)^2$$ where $r$ is the reduced radius.
However, which observer measures $d\theta$, and why? This will have measurable consequences for the value of $v$.