The water content in fuel–water emulsions can vary from 10% to 30%, and is under control during the process of emulsification. The main task of this study was to obtain near-linear static function for a water-cut meter with capacitive sensors, and to provide it with effective type-uncertainty compensation during the process of water–fuel emulsion moisture control. To fulfill the capacitive measurements, two capacitive sensors in the measuring channel and two capacitive sensors in the reference channel were used. The method of least squares and general linear regression instruments were used to obtain robust and near-linear transfer function of the capacitive water-cut meter. The prototype product of the water-cut meter was developed with the purpose of fulfilling multiple moisture measurements and checking the workability of the new transfer function. Values of moisture content for the new transfer function and the closest analog were compared with the help of dispersion analysis. The new transfer function provided minimal dispersions of repeatability and adequacy, and minimal F-test values, proving its better capability for type-uncertainty compensation and better adequacy for the nominal linear transfer function of the water-cut meter.