A method is disclosed including providing a process fluid that can be described as having a plurality of components where each of the plurality of components has a respective mass fraction. In addition, the method includes providing an initial estimate of a compositional description for the plurality of components of the process fluid, measuring an ultrasonic sound speed of the process fluid, predicting a predicted sound speed of a liquid phase of the process fluid using an equation of state model, generating an error function using the ultrasonic sound speed of the process fluid and the predicted sound speed of a liquid phase of the process fluid, minimizing the error function and updating the respective mass fractions of the plurality of components and determining an optimized compositional description of the process fluid. Also disclosed are corresponding computer systems, apparatus, and computer programs configured to perform the actions of the methods.