Recently, advanced signal analysis which is called "time-frequency analysis" has been used widely in nondestructive evaluation applications. Wavelet transform(WT) and Wigner Distribution are the most advanced techniques for processing signals with time-varying spectra. Wavelet analysis method is an attractive technique for evaluation of material characterization nondestructively. Wavelet transform is applied to the time-frequency analysis of ultrasonic echo waveform obtained by an ultrasonic pulse-echo technique. In this study, the feasibility of noise suppression of ultrasonic flaw signal and frequency-dependent ultrasonic group velocity and attenuation coefficient using wavelet analysis of ultrasonic echo waveform have been verified experimentally. The Gabor function is adopted the analyzing wavelet. The wavelet analysis shows that the variations of ultrasonic group velocity and attenuation coefficient due to the change of material characterization can be evaluated at each frequency. Furthermore, to assure the enhancement of detectability and naw sizing performance, both computer simulated results and experimental measurements using wavelet signal processing are used to demonstrate the effectiveness of the noise suppression of ultrasonic flaw signal obtained from austenitic stainless steel weld including EDM notch.