Present paper reports the design and developmental aspects of a new technique for ultrasonic phase velocity measurement in liquids, which is based on the studies carried out on frequency dependence of ultrasonic velocity in pure, binary and ternary liquids/mixtures. The design and developmental aspects of the experimental set up are reported along with optimisation of data acquisition software developed in LabVIEW. Finally, the developed technique is used to measure phase velocity in water (W), aqueous solution of mannitol (M), binary mixture of tertiary butyl alcohol (TBA) in water and a tertiary mixture of TBA + W + M. The results are reported within frequency bandwidth from 3 to 7 MHz. The main reason for selecting these liquids was to identify some of the liquids which can be used as reference liquids for metrological applications. Although, reporting the systematic studies to find out the reference liquid is beyond the scope of the present paper due to obvious reasons, and will be dealt separately, but the studies certainly demonstrate that the technique can successfully be used for phase velocity measurement as a function of frequency and temperature.