Win32_PingStatus ;\)

 Code:
$Address = "10.31.1.12"
$objWMIService = GetObject("winmgmts:\\.\root\cimv2")
$colItems = $objWMIService.ExecQuery("Select ResponseTime From Win32_PingStatus Where Address='" + $Address + "'")
For Each $objItem In $colItems
  If (VarTypeName($objItem.StatusCode) = 'Null') Or $objItem.StatusCode
    Exit $objItem.StatusCode
  Else
    ? $objItem.ResponseTime
  EndIf
Next