Two-phase heat transfer involving two immiscible systems is gaining importance in petrochemical and allied industries. Varying compositions of second component (liquid) and water were experimentally studied in the shell side of a 1:2 shell-and-tube heat exchanger. The single-phase heat transfer coefficient on pure water and pure liquid were fitted to the Reynolds number range studied for generating the two-phase parameter correlation. The two-phase multiplier was related to the Lockhart-Martinelli (L-M) parameter using the two-phase experimental data and a correlation was established. The two-phase heat transfer coefficient was calculated based on the coefficients a and m for single-phase data along with two-phase multiplier and L-M parameter. The calculated values of the two-phase heat transfer coefficient based on pure component and pure water suggest that water is a better reference fluid for the two-phase liquid-water systems studied and obtained with an average error ranging between 0.74 and 1.89%. In this experimental work, a general correlation was also developed with respect to dimensionless groups by fitting the two-phase experimental data of seven two-phase systems studied and proved with minimum average absolute deviation between experimental and theoretical values.