In order to determine the limiting velocity resolution that can be achieved using ultrasound, and to provide a model which can be generalized for the analysis of disturbed flow, a theoretical and experimental evaluation of the statistics of the received signal from laminar flow following the transmission of a train of short pulses is presented. We derive the autocorrelation function and determine the length of the correlated signal for various flow rates, comparing experimental measurements to theoretical predictions. High resolution experimental RF M-mode images are used to verify the theoretical model. Using a fluid with a density, viscosity, volume concentration, particle size, and speed of sound which is similar to that of blood, we show that the signal remains correlated for a long interval under many conditions of clinical interest. Including a comparison with experimental data, the effect of the lateral transit time through the sample volume and the axial velocity spread within the sample volume on the correlation of the received signal is evaluated. When a significant range of velocity components is present within the sample volume, this range is the limiting factor in the length of the correlated signal interval. Therefore, the use of a wideband signal, which reduces the sample volume size, produces a returned signal that may be correlated for a larger number of pulses, or for a longer time.