Oil-water two-phase flow commonly occurs in the process of crude oil electric dehydration. Here, through dynamic changes in the water content and conductivity of oil-water two-phase flow in the process of electric dehydration, the influence of water content and conductivity on the efficiency and stability of electric dehydration is analyzed. Using real-time in-line measurements of water content and conductivity, the electric dehydration system is kept in an optimal state, which provides a basis for realizing efficient oil-water separation. Measurements of the physical parameters of oil-water two-phase flow is affected by many factors, such as the temperature of the two-phase flow, composition of the two-phase flow medium, structure of the measurement sensor, coupling of the conventional resistance–capacitance excitation signal, and processing of the measurement data. This complexity causes, some shortcomings to the control system, such as a large measurement error, limited measurement range, inability to measure the medium water phase as a conductive water phase, etc., and not meeting the requirements of the electric dehydration process. To solve that the conductivity and water content of high-conductivity crude oil emulsions cannot be measured synchronously, the RC relationship of oil-water emulsions is measured synchronously using dual-frequency digital demodulation technology, which verifies the feasibility of our test method for the synchronous measurement of physical parameters of homogeneous oil-water two-phase flow. Experimental results show that the novel measuring method (which is within the target measuring range) can be used to measure water content 0~40% and conductivity 1 ms/m~100 ms/m. The measuring error of the water content is less than 2%, and the measuring error of the conductivity is less than 5%.