Embodiments of the invention provide an algorithm for enhancing the transit time measurement of an ultrasonic wave through a fluid, and criteria for evaluating the suitability for various waveforms with regard to noise rejection. The transit time calculation provides a greater noise immunity and accuracy than techniques used in the prior art, and allows a measure of weighting of dispersed signals with different arrival times. The transit time calculation utilizes either the transmitted signal or the measurement of a reference system, the calculation of the squared convolution of this signal with the received signal, and the calculation of the transit time from the time-weighted squared convolution signal over a suitable interval defined by the minimums of the squared convolution signal. In the case of dispersion where the arrival times are symmetrically displaced around a mean transit time, or if asymmetric dispersion is suitably within the main lobe, the calculation properly weights the composite signal. The symmetry of the calculated autocorrelation function predicts the accuracy of the algorithm, and deconvolution can be used to estimate the composition of the composite delay function in such cases.