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An easy‐to‐use numerical model for transient two‐phase pipe flow analyses was developed by applying the split‐coefficient matrix method (SCMM)to a homogeneous equilibrium two‐phase flow model. The basic idea of the SCMM is to split the Jacobian coefficient matrix into two sub‐vectors, each associated with eigenvalues of the same sign. Hence, one‐sided finite difference schemes can accordingly be applied to the sub‐vectors. The present model was validated against experiments. It is numerically stable provided that a criterion is met due to the use of a time explicit format. The satisfactory agreement between the numerical and experimental results indicates that the model may be used as a simple, efficient tool for general engineering analyses of transient two‐phase flow. The advantages of applying SCMM to transient two phase flows are briefly addressed, and it is applicable to systems having real eigenvalues.

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