It is essential to quantify the physical properties and the dynamics of flowing particles in many fields, especially in microfluidic-related applications. We propose phase image correlation spectroscopy (PICS) as a versatile tool to quantify the concentration, hydro-diameter, and flow velocity of unlabeled particles by correlating the pixels of the phase images taken on flowing particles in a microfluidic device. Compared with conventional image correlation spectroscopy, PICS is minimally invasive, relatively simple, and more efficient, since it utilizes the intrinsic phase of the particles to provide a contrast instead of fluorescent labeling. We demonstrate the feasibility of PICS by measuring flowing polymethylmethacrylate (PMMA) microspheres and yeast in a microfluidic device. We can envisage that PICS will become an essential inspection tool in biomedicine and industry. © 2022 Optica Publishing Group