The theory of the current-type electromagnetic flowmeter for a high temporal resolution was developed for two-phase flow measurements. To predict the output of the current-type flowmeter, the three-dimensional virtual potential distribution C and the newly introduced flow pattern coefficient f were derived and computed. The output of flowmeter depends on the liquid conductivity (sensitive to temperature) and flow configurations of the two-phase flow with the sinusoidal excitation over 100 Hz. The flow pattern coefficient was specially devised to separate the dependency on the flow configuration of the two-phase flow from that on the liquid conductivity which can be expressed with the calibration of single-phase flow. Using the finite difference method, the three-dimensional virtual potential distributions were computed for the electrode of finite size. By taking derivative of the virtual potential, the weight functions were evaluated and compared with existing analytic series solution for the point-electrode. There was a reasonable correspondence between the present and existing results. In addition, the flow pattern coefficients were evaluated for annular flows with various film thicknesses, and compared with the experimental results by the impedance spectroscopy. The numerical results agreed well with the experimental data.