In single-phase flow visualization, research focuses on the analysis of vector field properties. In two-phase flow, in contrast, analysis of the phase components is typically of major interest. So far, visualization research of two-phase flow concentrated on proper interface reconstruction and the analysis thereof. In this paper, we present a novel visualization technique that enables the investigation of complex two-phase flow phenomena with respect to the physics of breakup and coalescence of inclusions. On the one hand, we adapt dimensionless quantities for a localized analysis of phase instability and breakup, and provide detailed inspection of breakup dynamics with emphasis on oscillation and its interplay with rotational motion. On the other hand, we present a parametric tightly linked space-time visualization approach for an effective interactive representation of the overall dynamics. We demonstrate the utility of our approach using several two-phase CFD datasets.