Although “film thickness” and “viscosity” represent two of the most important physical parameters in lubricated tribological contacts, their in situ measurement in tribosystems is still difficult. Sensors based on ultrasonic reflectance are a class of sensing devices that allow the direct measurement of these properties. For tribologists especially, the condition changes of tribosystems are of interest, as they determine the smooth operation, proper lubrication condition or the tribosystems’ change to impending failures. Here, ultrasonic reflectance sensors can provide valuable transient information, as they are capable of measuring the evolution of film thickness and viscosity directly, non-invasive, and in situ, thereby bringing a large benefit over classic commercial condition monitoring sensors such as vibration sensors. This paper reviews the methods of operation of ultrasonic reflectance devices, their historical evolution, limitations, potentials, and outline trends of application for the challenges faced by the tribological community and society.