In 1997 a contract was signed with EADS for the upgrade of 36 F-4E to 'Peace Icarus 2000', or PI2000, standard. Although based on the Luftwaffe F-4F ICE (Improved Combat Efficiency) upgrade, the HAF's Avionics Update Programme (AUP) was more complex, as it added an air-to-ground capability. These F-4E AUP aircraft are based with the 117th Combat Wing at Andravida AB - 338 Mira (Squadron) and 339 Mira.

The 'Peace Icarus 2000' upgrade has dramatically improved the mission effectiveness, sensor and weapon delivery capabilities for both air-to-air and air-to-ground missions for 36 F-4E Phantoms. The new avionics suite includes a Raytheon Hughes AN/APG-65 radar, Hazeltine AN/APX-113 IFF system, multi-functional cockpit displays, new Heads Up Display (HUD) and a new Hands On Throttle and Stick (HOTAS) system. Thus, the latest F-4E version for the HAF now can deliver a broad variety of intelligent stand-off air-to-air and air-to-ground weapons such as AMRAAM, Maverick, Dispensers, a Laser Designator Pod and Laser-guided bombs.

With this modernisation completed in 2004, the Hellenic Air Force now operate the most effective and powerful version of the Phantom in service anywhere in the world. By improving their combat effectiveness, the service life of the F-4E Phantom II in Hellenic Air Force service has been extended to 2015.