A method includes transmitting wireless signals towards a material in a tank and receiving wireless signals reflected off the material. The method also includes calculating a phase velocity of the wireless signals reflected off the material and identifying a level of the material in the tank using the phase velocity. Calculating the phase velocity of the wireless signals could include identifying a plurality of linearly-spaced frequencies and performing linear interpolation using the data identifying the wireless signals to identify data points at the linearly-spaced frequencies. The identification of the data points at the linearly-spaced frequencies could represent the only interpolation operation performed during the calculation of the phase velocity and the identification of the level of the material. Moreover, a mismatch could exist between an inner diameter of a stillpipe through which the wireless signals are transmitted and a diameter of an antenna used to receive the wireless signals.