A system, method and program product for analyzing multiphase flow in a wellbore. A system is provided that includes: an input system for receiving pressure and temperature readings from a pair of sensors located in the wellbore; a computation system that utilizes a flow analysis model to generate a set of wellbore fluid properties, wherein the set of wellbore fluid properties includes at least one of: a fluid mixture value, a phase velocity value, a flow rate, a mixture density, a mixture viscosity, a fluid holdup, and a slip velocity; and a system for outputting the wellbore fluid properties.