In slug flow, the wetted wall fraction and liquid holdup of the liquid film section are key parameters affecting the mass transfer and radial velocity distribution of the liquid film, the friction pressure drop, the momentum transfer between the two phases, and heat transfer characteristics. A modified wetted wall fraction and liquid holdup model based on the modified apparent rough surface (MARS) model is proposed in this study, which considers the friction coefficient and shear stress on the gas–wall, liquid–wall and gas–liquid interfaces and introduced the modified average interface velocity of the liquid film. Air–water slug flow experiments were in a 50 mm diameter acrylic glass pipe equipped with a high-speed camera. The edge detection operator was optimized to obtain the wetted wall fraction and liquid holdup at the liquid film section based on image analysis technology. A comparative analysis of the model performance shows that the mean absolute percentage error (MAPE) of the wetted wall fraction model is 9.4%, and the 96.1% relative deviations are within the ±20% error band. The MAPE of the liquid holdup model is 8.04%, and 93.4% relative error is within the ±25% error band. The modified MARS model has good prediction ability for the wetted wall fraction and liquid holdup of the gas–liquid slug flow.