Intravoxel incoherent motion (IVIM) imaging is frequently used to evaluate microcirculatory flow. With the conventional diffusion MRI, IVIM effects include both pseudo-diffusive microcirculatory flow and bulk (or ballistic) blood flow. We propose a joint use of flow-compensated (FC) and non-FC diffusion gradient waveforms to specifically probe the fraction and velocity of ballistic flow in the placenta. The measured ballistic flow velocity showed a high correlation with umbilical flow based on Doppler ultrasound and a negative correlation with gestational age. These results demonstrated the potential of using FC/NC dMRI to noninvasively measure flow velocity inside the placenta.