This work deals with a transmission-reception ultrasonic technique for the real-time estimation of the water content in water-in-crude oil emulsions. The working principle is the measurement of the propagation velocity, using two in-house manufactured transducers designed for water coupling, with a central frequency of about 3 MHz. Water-in-crude oil emulsions with a water volume concentration from 0% to 40% were generated by mechanical emulsification. Tests were carried out at three temperatures. The results showed that the propagation velocity is a sensitive parameter that is able to determine the water content, allowing for differentiating the concentrations of up to 40% of water. The main motivation is the development of techniques for non-invasive and real-time monitoring of the water content of emulsions in petrochemical processes.