Parametric density concept is proposed for a long-range pipeline health monitoring. This concept is designed to obtain the attenuation of ultrasonic guided waves propagating in underwater pipelines without complicated calculation of attenuation dispersion curves. For the study, three different pipe materials such as aluminum, cast iron, and steel are considered, ten different transporting fluids are assumed, and four different geometric pipe dimensions are adopted. It is shown that the attenuation values based on the parametric density concept reasonably match with the attenuation values obtained from dispersion curves; hence, its efficiency is proved. With this concept, field engineers or inspectors associated with long-range pipeline health monitoring would take the advantage of easier capturing wave attenuation value, which is a critical variable to decide sensor location or sensors interval.