Ultrasonic measurement techniques for velocity estimation are currently widely used in fluid flow studies and applications. An accurate determination of interfacial position in gas-liquid two-phase flows is still an open problem. The quality of this information directly reflects on the accuracy of void fraction measurement, and it provides a means of discriminating velocity information of both phases. The algorithm known as Velocity Matched Spectrum (VM Spectrum) is a velocity estimator that stands out from other methods by returning a spectrum of velocities for each interrogated volume sample. Interface detection of free-rising bubbles in quiescent liquid presents some difficulties for interface detection due to abrupt changes in interface inclination. In this work a method based on velocity spectrum curve shape is used to generate a spatial-temporal mapping, which, after spatial filtering, yields an accurate contour of the air-water interface. It is shown that the proposed technique yields a RMS error between 1.71 and 3.39 and a probability of detection failure and false detection between 0.89% and 11.9% in determining the spatial-temporal gas-liquid interface position in the flow of free rising bubbles in stagnant liquid. This result is valid for both free path and with transducer emitting through a metallic plate or a Plexiglas pipe.