The trinary signed-digit (TSD) number system has been found to be very useful for parallel addition and subtraction of any arbitrary length operands in constant time. Using the TSD addition and multiplication modules as the basic building blocks, we develop an efficient algorithm for performing parallel TSD division in constant time. The proposed division technique uses one TSD subtraction and two TSD multiplication steps. An optoelectronic correlator based architecture is suggested for implementation of the proposed TSD division algorithm, which fully exploits the parallelism and high processing speed of optics. An efficient spatial encoding scheme is used to ensure better utilization of space bandwidth product of the spatial light modulators used in the optoelectronic implementation.