This paper presents a new method for calculating pressure fluctuations in pipelines during a water hammer with liquid column separation. The method is based on the discrete-vapor-cavity model (DVCM). Such kind of models assumes that vaporous cavities are formed in each computational section of the pipeline whenever the pressure drops to the vapor pressure at a given temperature. The proposed new model (new DVCM) brings a significant improvement in the reliability of predictions compared with existing DVCMs. The calculation method based on it eliminates some disadvantages of basic methods used in practice, as shown by comparisons between calculations made for simple hydraulic system under theoretical frictionless conditions using various DVCMs. Additionally, the authors present preliminary verification of the proposed model based on experimental results. The positive results of this verification, and the advantages of the new DVCM, could lead to incorporating them into commercial codes.