A technique for measuring the size and displacement of the disperse phase in two planes of a two-phase flow is presented. Digital image plane holography (DIPH) is used for the simultaneous recording and independent reconstruction of both planes. Each fluid plane is illuminated with two laser sheets propagating in opposite directions. The defocused image fields are holographically recorded at 90°, and can be reconstructed either in a defocused or in the best-focused plane. The analysis of the images in a defocused plane provides the sizes, while the cross-correlation of the focused images provides the velocity field, as in a regular particle image velocimetry (PIV) experiment. For air bubbles freely drifting in glycerine, diameters from 50 μm to 400 μm and displacements of up to 300 μm have been measured.