The pulsed eddy current (PEC) technique is commonly used in the petrochemical and power generation industries to measure two parameters: the degree of pipe wall corrosion and the thickness of the insulation shield. These two parameters can be evaluated by examining the thickness of conductive materials and the lift-off distance, respectively. To explore a possible technique for simultaneously measuring the thickness and the lift-off, the present study envisaged the development of a PEC testing method based on detecting the tangential component of the magnetic flux density. The tangential component of the magnetic flux density was excited by two racetrack-type coils injecting currents in opposite directions that were picked up by a magnetic sensor. The slope in logarithmic scale and the time-to-peak of the magnetic signal were verified to characterise the features of the thickness and the lift-off, respectively. By analysing the simulation and experimental results, the feasibility of simultaneously measuring the thickness and the lift-off was demonstrated.