Two-phase ejectors as well as single phase ejectors can be applied in many branches of industry: refrigeration and heat pump systems, chemical engineering, food processing, and others. Due to the complicated nature of the process of momentum transfer in two-phase ejectors, their design procedure based on the accurate theoretical prediction of the ejector performance is still an open issue. The paper provides its own experimental results of the velocity coefficients of the components of the two-phase ejector, i.e., the motive nozzle, suction chamber, mixing chamber, and diffuser. The results were obtained in the case of isobutane as the working fluid. It was demonstrated that the velocity coefficients may not be treated as constant quantities. Therefore, our own proposed dimensionless relationships describe the velocity coefficients of the components of the ejector that may be applied in the design procedure of the ejector. The two physical parameters, the wet vapour quality and the volumetric entrainment ratio, were selected as the key parameters. In addition, the aspects of the prediction of the critical mass flow rate of the motive nozzles was considered on the basis of the Henry–Fauske model. It was demonstrated that the model accurately predicts the two-phase critical flow under the conditions of a higher range of wet vapour quality.