The heat transfer involving two-phase immiscible systems is gaining importance in petrochemical and allied industries. In the present study, varying compositions of two-phase liquid systems were experimentally studied in a shell and tube heat exchanger. The objective of this study is to establish a two-phase parameter correlation to predict two-phase heat transfer coefficient which would be vital for the optimal design of heat transfer equipment. A new two-phase parameter called modified two-phase multiplier (MTPM) has been proposed and correlated with Lockhart-Martinelli parameter and Quality for different compositions of liquid-water systems. The experimental data was statistically analyzed to develop a correlation for two-phase liquid systems on tube side. The developed correlation predicts MTPM and two-phase heat transfer coefficient from single phase data with a maximum error of ±15 % for 7 different two-phase liquid systems.