Provided that the one-dimensional wave equation applies, strain measurement at two sections of a linearly elastic cylindrical rod makes it possible to determine a number of important quantities at an arbitrary section of the rod; for example, strain, particle velocity and power transmission. The equations needed are derived, and the design of an analogue real-time analyzer is presented. The influence of some principal sources of error is analyzed and it is shown that it should be possible to perform accurate evaluation (errors less than a few percent) during a time interval which is not very long compared to the travelling time for a wave between the two gage positions. Comparisons are made between direct measurement and digital evaluation of strain, and between digital and analogue evaluation of particle velocity and power transmission. The discrepancies are typically less than ten percent during a time interval of 20 travelling times between gages. Although these results do not represent what is achievable, the accuracy is sufficient in several applications and demonstrates the feasibility of the method used.