The article presents the analysis of signals from a radiometric system consisting of two scintillation probes and two gamma radiation sealed sources. Calculations and interpretation were carried out for the bubble flow of the water-air mixture in the horizontal pipeline. The analysis of the obtained signals was done in time and frequency domain. In the frequency domain, a range of usable frequencies was identified, which were associated with changes in gamma-ray intensity recorded in the time domain. The gas phase velocity, void fraction and statistical parameters of the signal were also calculated.