In this work, a high speed ultrasonic multitransducer pulse-echo system using a four transducer method was used for the dynamic characterization of gas-liquid two-phase separated flow regimes. The ultrasonic system consists of an ultrasonic pulse signal generator, multiplexer, 10 MHz (0.64 cm) ultrasonic transducers, and a data acquisition system. Four transducers are mounted on a horizontal 2.1 cm inner diameter circular pipe. The system uses a pulse-echo method sampled every 0.5 ms for a 1 s duration. A peak detection algorithm (the C-scan mode) is developed to extract the location of the gas-liquid interface after signal processing. Using the measured instantaneous location of the gas/liquid interface, two-phase flow interfacial parameters in separated flow regimes are determined such as liquid level and void fraction for stratified wavy and annular flow. The shape of the gas-liquid interface and, hence, the instantaneous and cross-sectional averaged void fraction is also determined. The results show that the high speed ultrasonic pulse-echo system provides accurate results for the determination of the liquid level within ±1.5%, and the time averaged liquid level measurements performed in the present work agree within ±10% with the theoretical models. The results also show that the time averaged void fraction measurements for a stratified smooth flow, stratified wavy flow, and annular flow qualitatively agree with the theoretical predictions.