Two-phase flow can occur in pump cavitation. If pressure drops further happened locally near the vanes of the pump, then a phase change can occur and gas will be present in the pump. Also, in power stations, pressurized water is passed through heated pipes and it changes to steam as it moves through the pipe. This means that the two-phase flow cases are for a single fluid occurring by itself as two different phases.
The term 'Multi-Component Fluid Flow' is applied to mixtures of different fluids and each fluid of them maybe have different phases.
You can read this reference "springer.com/gp/book/9783319201030" for mathematical formulation of multi-phase flow.
Two-phase one component example: water (liquid phase) and vapor (gas phase) can be modelled by two-phase Navier-Stokes equations; two-phase two-component example: oil (liquid) - gas (gas phase) mixture of hydrocarbon components (Methane and Decane); see Zhangxin Chen's book multiphase flow simulation
Fan is right, and the mathematical implication is that in the above mentioned case you solve two concentration eqns for the gaseous phase one for methane and the second for Decane.