In recent years, ultrasonic guided waves gained attention for reliable testing and characterization of metals and composites. Guided wave modes are excited and detected by PZT (Lead Zirconate Titanate) transducers either in transmission or reflection mode. In this study guided waves are excited and detected in the transmission mode and the phase change of the propagating wave modes are recorded. In most of the other studies reported in the literature, the change in the received signal strength (amplitude) is investigated with varying degrees of damage while in this study the change in phase is correlated with the extent of damage. Feature extraction techniques are used for extracting phase and time-frequency information. The main advantage of this approach is that the bonding condition between the transducer and the specimen does not affect the phase while it can affect the strength of recorded signal. Therefore, if the specimen is not damaged but the transducer-specimen bonding is deteriorated then the received signal strength is altered but the phase remains same and thus false positive predictions for damage can be avoided.