That's the way its done in the industry. Usually 250 Ohm resistor, giving 1-5V.
There are two gotcha's:
1) There will be a limit to how many 250 ohm devices can be in series (eg. Control System input, Local Display, etc., plus your input). Flow meter spec should define maximum output voltage it can drive, or the maximum resistance. If there is a problem, use a lower value resistor and amplify the signal accordingly.
2) You have to use a differential input ADC, and it must be able to withstand the open circuit voltage of the flow meter.