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Retained austenite is a remnant product that may induce significant changes in mechanical properties of the steel. Consequently, accurate and economical measurement of retained austenite is very important. In this regard, specimens of AISI-440C and AISI-A2 steels were austenized at different temperatures ranging from 950°C to 1250°C and then air cooled. This led to major microstructural changes in these specimens. These changes were characterized by using x-ray diffraction techniques, optical and electron microscopy, Rockwell hardness testing, and ultrasonic flaw detectors. This study revealed that there is a good correlation exists between austenite phase and the longitudinal velocity. The magnitude of longitudinal velocity can be used to obtain reliable, quick, and quantitative determination of the volume percentage of the austenite phase present on production floor with relative ease, and less destructive, as compared to other methods.