Oil reservoirs with low permeability and porosity that are in the middle and late exploitation periods in China's onshore oil fi elds are mostly in the high-water-cut production stage. This stage is associated with severely non-uniform local-velocity flow profiles and dispersed-phase concentration (of oil droplets) in oil-water two-phase flow, which makes it diffi cult to measure water holdup in oil wells. In this study, we use an ultrasonic method based on a transmission-type sensor in oil-water two-phase flow to measure water holdup in lowvelocity and high water-cut conditions. First, we optimize the excitation frequency of the ultrasonic sensor by calculating the sensitivity of the ultrasonic fi eld using the fi nite element method for multiphysics coupling. Then we calculate the change trend of sound pressure level attenuation ratio with the increase in oil holdup to verify the feasibility of the employed diameter for the ultrasonic sensor. Based on the results, we then investigate the effects of oildroplet diameter and distribution on the ultrasonic fi eld. To further understand the measurement characteristics of the ultrasonic sensor, we perform a flow loop test on vertical upward oilwater two-phase fl ow and measure the responses of the optimized ultrasonic sensor. The results show that the ultrasonic sensor yields poor resolution for a dispersed oil slug in water fl ow (D OS/W fl ow), but the resolution is favorable for dispersed oil in water fl ow (D O/W fl ow) and very fi ne dispersed oil in water fl ow (VFD O/W fl ow). This research demonstrates the potential application of a pulsed-transmission ultrasonic method for measuring the fraction of individual components in oil-water two-phase fl ow with a low mixture velocity and high water cut.