Understanding the behaviour of gas–liquid flows in upward and downward pipe configurations in chemical, petroleum, and nuclear industries is vital when optimal design, operation, production, and safety are of paramount concern. Unfortunately, the information concerning the behaviour of such flows in large pipe diameters is rare. This article aims to bridge that gap by reporting air–water upward and downward flows in 127 mm internal diameter pipes using advanced conductance ring probes located at two measurement locations. The liquid and gas flow rates are 0.021 to 0.33 m/s and 3.52 to 16.1 m/s, correspondingly, covering churn and annular flows. To achieve the desired objectives, several parameters, probability density function (PDF), power spectral density (PSD), Slippage Number (SN), drift velocity (Ugd), and distribution coefficient (C0) were employed. The flow regimes encountered in the two pipe configurations were distinguished employing a flow regime map available in the literature and statistical analysis. The obtained results were supported by visual inspection. The comparison between the present study against reported studies reveals the same tendency for the measured experimental data. The Root Mean Square Error (RMSE) method within 4% was utilized in recommending the best void fraction prediction correlation for the downward and upward flows.