The propagation of small disturbances in a two-component gas-vapor mixture with polydispersed particles and drops in the presence of phase transitions is studied. A mathematical model is proposed, the dispersion relation is obtained. The effect of the droplets and particles polydispersity on the dispersion and dissipation of small disturbances is analyzed. Comparison of the theory with experimental data is presented.The propagation of small disturbances in a two-component gas-vapor mixture withpolydispersed particles and drops in the presence of phase transitions is studied. A mathematicalmodel is proposed, the dispersion relation is obtained. The effect of the droplets and particlespolydispersity on the dispersion and dissipation of small disturbances is analyzed. Comparison ofthe theory with experimental data is presented