Ultrasonic methods, such as the Ultrasonic Velocity Profile - UVP method, have a number of advantages over other conventional measurement methods. They are non-intrusive, applicable to opaque wall or fluid, and capable of obtaining instantaneous velocity profiles along a measurement line in real time. This paper reports on the development of a multiwave Doppler UVP method for the measurement of bubbly two-phase flow in a Taylor-Couette flow configuration. Due to its highly complex nature, two-phase flow still attracts considerable interest in both experimental measurement as well as numerical simulation. In this study the new multiwave Doppler UVP method exploits two basic ultrasonic frequencies 2 MHz and 8 MHz. The 2 MHz frequency is for the measurement of the bubble phase. The 8 MHz frequency is for that of the liquid phase. The signal processing technique is based on the pulse repetition Doppler method. A new phase discrimination method is proposed to eliminate bubble velocity included in the data of the liquid phase measured by the 8 MHz frequency. Measurements of bubbly two-phase Taylor-Couette flow have been demonstrated and discussed.