Cavitation corrosion is a very complex phenomenon that is governed by a formidable amount of factors and parameters. The phenomenon is a multi-disciplinary one which involves several aspects of physical sciences and engineering. This process is a slow progressive phenomenon with its detrimental effects being felt after severe damage has already occurred. A real time detection method for the severity of fluid cavitation and bubble collapse is described. The results are correlated to dynamic instantaneous pressure fluctuation measurements. The method is fast, reliable, and less restrictive of the sensing location. It has been tested and verified through a specially designed cavitation test rig and instrumentation setup. The method can be used for cavitation studies on ultrasonic bench rig tests and for cavitation measurements on running engines. The method was used to shed some light on characteristic cavitation differences between water and glycol which is used in engine coolants. The results show that water seems to increase the fluid cavitation severity when compared to glycol.