A measurement technique has been developed to extract the phase information of successive echoes for the simultaneous estimation of thicknesses and ultrasonic velocities of individual layers in a two layered media. The proposed method works in the absence of an interface echo and requires the total thickness of the sample to be known. Experiments have been carried out on two layered samples of white cast iron and gray cast iron with layer thickness variation in the range of 2-8 mm for total thickness variation in the range of 12-13 mm. Comparison with micrographs of a few samples confirmed the model predictions. The model is found to be sensitive to the total sample thickness but fairly insensitive to noise in the data. © 2010 American Institute of Physics.