In a former report, we proposed a probabilistic theory of propagation of ultrasonic waves in particulate metal matrix composite (MMC). That theory is based on the assumption that when ultrasonic rays impinge on a dispersed particle, they transmit by 100% through the particle. However, in practice, a percentage of impinging rays are considered to creep around the particle. In this report, using a theoretical model in which both transmitting and creeping rays exist, ultrasonic waves propagating in particulate MMC are analyzed. Fairly good agreement is seen between analyzed results and experimental results. Using this theory, the relationship equation between particle parameters (volume fraction, size) and ultrasonic parameters (arrival time, pulse width, amplitude) are derived.