Gas-liquid two-phase flow, pervasive in energy and chemical industries, presents significant measurement challenges due to its inherently complex and dynamic nature. Accurate quantification of flow parameters remains elusive, given the variability in phase distribution and interaction dynamics. To address the need for accurate gas-liquid two-phase flow measurement, a novel sensor design is introduced. Leveraging the acoustic emission sensor's capability to detect flow-induced noise and the pronounced variation in near-infrared absorption across different media, the proposed sensor is specifically tailored for slug flow characterization in two-phase systems. Acoustic emission probes were dually installed in both the venturi pipe and its extension section, complemented by dual near-infrared photodetectors positioned within the venturi pipe. A synchronized acoustic emission and near-infrared acquisition system was developed. Utilizing this setup, 54 datasets of slug flow were meticulously gathered on the high-precision gas-liquid two-phase loop at Hebei University. Through integrated processing, characteristic parameters of the two-phase flow were successfully extracted. Time-domain analysis was employed to extract the standard deviation and skewness from the acoustic emission and near-infrared datasets. In conjunction with parameter fitting techniques, a predictive model for two-phase flow was formulated, followed by comprehensive error analysis. Through verification, the relative deviation of 92.6% of the predicted flow value is within ±20%. The results show that the multi-sensor information fusion scheme based on acoustic emission sensor and near-infrared sensor provides a new way to study the flow characteristics of gas-liquid two-phase flow.