Gravitational waves imprint apparent Doppler shifts on the frequency of photons propagating between an emitter and detector of light. This forms the basis of a method to detect gravitational waves using Doppler velocimetry between pairs of satellites. Such detectors, operating in the milli-hertz gravitational frequency band, could lead to the direct detection of gravitational waves. The crucial component in such a detector is the frequency standard on board the emitting and receiving satellites. We point out that recent developments in atomic frequency standards have led to devices that are approaching the sensitivity required to detect gravitational waves from astrophysically interesting sources. The sensitivity of satellites equipped with optical frequency standards for Doppler velocimetry is examined, and a design for a robust, space-capable optical frequency standard is presented.