This work proposes the slope of the phase spectrum as a signal processing parameter for the ultrasonic monitoring of the water content of water-in-crude oil emulsions. Experimental measurements, with water volume fractions from 0 to 0.48 and test temperatures of 20 °C, 25 °C, and 30 °C, were carried out using ultrasonic measurement devices operating in transmission–reception and backscattering modes. The results show the phase slope depends on the water volume fraction and, to a lesser extent, on the size of the emulsion droplets, leading to a stable behavior over time. Conversely, the behavior of the phase slope as a function of the volume fraction is monotonic with low dispersion. Fitting a power function to the experimental data provides calibration curves that can be used to determine the water content with percentage relative error up to 70% for a water volume fraction of 0.06, but less than 10% for water volume fractions greater than 0.06. Furthermore, the methodology works over a wide range of volume fractions.