Measuring the velocity of hot rod and wire during rolling is crucial for accurate control of rolling stands and blocks. To accomplish this, the velocity should be measured at strategically placed locations throughout the mill. The current state-of-the-art exhibits various techniques and methods for velocity measurement with their respective advantages and disadvantages, whereas measuring devices based on the Laser-Doppler principle are the most widely used.As part of the research and development of an eddy-current based cross-sectional area measurement, we observed variations in the cross-sectional area of rods and wires. These variations should be utilized for developing a correlative method for velocity measurement. Within the scope of this work, the implementation of a measuring system and the development of an algorithm is described. This algorithm has been applied to a real data set and evaluated, while also assessing the impact of influencing factors on the quality and accuracy of calculated rolled material velocity. Finally, it was successfully demonstrated that the developed solution approach works in practice and provides excellent results. Nevertheless, further validation is required and velocity determination needs to be compared with an independent reference to improve accuracy estimation.