An inverse analysis algorithm is proposed for estimating liquid phase flow field from measurement data of bubble motion. This kind of technology will be applied in future for various estimation of fluid flow in rivers, lakes, sea surface flow, and also microscopic channel flow as the problem-handling in civil, mechanical, electronic, and chemical engineering. The relationship between the dispersion motion and the carrier phase flow is goved and expressed by the translational motion equation of spherical dispersion. The equation consists of all the force components including inertia, added inertia, drag, lift, pressure gradient force and gravity force. Using this equation enables us to estimate the carrier phase flow structure using only the data of the dispersion motion. Whole field liquid flow structure is also estimated using spatial or temporal interpolation method. In order to verify this principle, the Taylor-Green vortex flow, and the Karman vortex shedding from a square cylinder have been chosen. The results show that the combination of the inverse analysis and Particle Tracking Velocimetry (PTV) with the spatio-temporal post-processing algorithm could reconstruct well the carrier phase flow of the gas-liquid two-phase flow.