Accurately describing drag and virtual mass forces in two-phase flows is crucial for high fidelity modeling of nuclear thermal hydraulic safety systems. This study compares existing drag coefficient correlations commonly used in computational fluid dynamics (CFD) applications for air bubbles to experimental data collected for ellipsoidal air bubbles of varying diameter. This study also measured the virtual mass coefficient on a cylinder rod using a method that considers viscous and wake effects. This experiment used velocity field measurements obtained with particle image velocimetry (PIV). An experimental flow loop has been built to inject air bubbles of varying diameter into an optically clear acrylic test section and had the capability to use a cylinder rod perpendicular to flow. A rigorous uncertainty analysis is presented for measured values which provided insight for improvements for future experimental studies. These experiments resulted in total, form, and skin drag coefficients to be directly measured with the nominal trend of increasing form drag for increasing bubble diameter experimentally confirmed. The virtual mass coefficient analysis demonstrated a method applicable for steady state conditions. This method was capable of retrieving the potential flow solution when the predicted drag work from the wake was removed and identified experimental setups useful for characterizing the influence of wake dynamics on virtual mass.