To understand fluid dynamic forces acting on a structure subjected to two-phase flow, it is essential to get detailed information about the characteristics of two-phase flow. Stratified steady and unsteady two-phase flows between two parallel plates have been studied to investigate the general characteristics of the flow related to flow-induced vibration. Based on the spectral collocation method, a numerical approach has been developed for the unsteady two-phase flow. The method is validated by comparing numerical result to analytical one given for a simple harmonic two-phase flow. The flow parameters for the steady two-phase flow, such as void fraction and two-phase frictional multiplier, are evaluated. The dynamic characteristics of the unsteady two-phase flow, including the void fraction effect on the complex unsteady pressure, are illustrated.