Two–phase flows appear in many industrial and biomedical applications. One of the most vital biomedical applications of two–phase flows is in hemodialysis machines due to air embolism and heparin injection. Since these flows have a very complex and intermittent nature, studying their dynamics is a very challenging and fundamental problem. The purpose of this article is to present an experimental study on the dynamics of two–phase peristaltic slug flows. The measurement strategy is based on the image processing technology. The characteristic parameters of the two–phase pulsatile slug flows, including the slug length, as well as the translational velocity and frequency of the slug motion, are measured, and the effect of the liquid flow rate and liquid superficial velocity is investigated. The results show that the average and maximum slug velocities, and also the dominant amplitude of the slug velocity increase with the flow rate and liquid superficial velocity, while it is not possible to clearly predict a correlation between the liquid superficial velocity and the slug length. The measurement strategy presented in this article can be used in the control and alarm systems of smart dialysis machines.