The ultrasonic guided wave technique has been applied to pipes and thin structures. However, the guided wave usually has a dispersive nature, and the received signal becomes more complicated and of longer duration compared with the input signal. The dispersed waveform is a function of the elastic wave velocities, the plate thickness, and the propagation distance. Using this relation, in this study, the elastic wave velocities and the plate thickness identification method using dispersion analysis is suggested. The effectiveness of the suggested method is investigated by both numerical calculation and numerical simulation. The identification errors of the elastic wave velocities and plate thickness are discussed.