Although the radiation impedance of a transducer with a regular square surface has been studied by many researchers, the formulas are still very complicated, which results in long computation time and low accuracy. In this paper, we propose a new algorithm for the calculation of acoustic radiation impedance in which the regular square vibrating surface of a transducer is divided into small elements and duplicate calculations are eliminated in the process of calculating mutual effects of the elements. Using this algorithm, shorter computation time and higher accuracy of results can be obtained. As a demonstration, the self and the mutual radiation impedance of transducers with a regular square surface are calculated and the accuracy of the results is evaluated.