An experimental study on wave characteristic has been carried out utilizing oil and air in a 0.1524 m ID horizontal and slightly inclined (+/- 2 degrees) pipe. A two-wire capacitance probe was developed to measure wave characteristics at the gas-liquid interface for two-phase flow in pipe. Wave celerity, amplitude and frequency have been determined from the capacitance time traces. The wave celerity increases with increase in superficial gas and liquid velocities. Although wave celerity was found to be dependent on inclination, the effect of inclination tends to diminish with increase in gas velocity. Wave amplitude and frequency did not show a particular trend for conditions studied. A new correlation for wave celerity for two-phase stratified flow using low viscosity fluids is proposed. The correlation was also compared with model prediction for wave celerity using mechanistic model proposed by others. (C) 2014 Elsevier Ltd. All rights reserved.