In this study, elastic waves of ultrasonic and acoustic emission were used to evaluate the propagation characteristic of the wave in pipe, and study on mode conversion of the elastic wave due to the cracks in the pipe was also performed. An acoustic emission (AE) sensor was used to receive the propagated ultrasonic wave. AE technique has a merit that it can identify the received ultrasonic wave by the analysis of the AE parameters such as count, energy, frequency, duration time and amplitude. For transmitting and receiving of the wave, a wedge for universal angle was manufactured. The optimum angles for transmitting of ultrasonic wave and signal receiving at the attached AE sensor on the pipe were determined. Theoretical dispersion curve was compared with the results of the time-frequency analysis based on the wavelet transformation. The received modes showed a good agreement with theoretical one. The used ultrasonic sensor was 1MHz, and AE sensor was broadband (100kHz – 1200kHz). The artificial cracks were induced in the pipe to measure the propagation characteristics of the elastic wave for the cracks. AE parameters for the received signals were also varied with the crack types in the pipe. AE parameters of amplitude and duration time were more effective factors than the analysis of mode conversion for evaluation of the cracks in the pipe.