A test method has been attempted to estimate the soil stiffness by measuring and analyzing dynamic signals of stress waves reflected at the bottom end of the SPT rod contacting a soil deposit. Before conducting a real size testing, a series of parametric studies were conducted in this paper to examine the applicability and the theoretical adequacy of the test method. As a result of these studies, it has been shown that the most significant influence factor affecting the amplitude ratio of the reflected wave to the incident wave at the rod-soil interface was the variation of soil stiffness. Also, the variation of the amplitude ratio was found to be closely related with the variation of impedance ratio of the soil deposit to the SPT rod. As a result, a potential of the test method could be proved to estimate the impedance and the elastic modulus of the soil deposit interfaced with the SPT rod using the test method.