A sparse reconstruction localization method is proposed, which is capable of localizing multiple acoustic emission events occurring closely in time. The events may be due to a number of sources, such as the growth of corrosion patches or cracks. Such acoustic emissions may yield localization failure if a triangulation method is used. The proposed method is implemented both theoretically and experimentally on large diameter thin-walled pipes. Experimental examples are presented, which demonstrate the failure of a triangulation method when multiple sources are present in this structure, while highlighting the capabilities of the proposed method. The examples are generated from experimental data of simulated acoustic emission events. The data corresponds to helical guided ultrasonic waves generated in a 3 m long large diameter pipe by pencil lead breaks on its outer surface. Acoustic emission waveforms are recorded by six sparsely distributed low-profile piezoelectric transducers instrumented on the outer surface of the pipe. The same array of transducers is used for both the proposed and the triangulation method. It is demonstrated that the proposed method is able to localize multiple events occurring closely in time. Furthermore, the matching pursuit algorithm and the basis pursuit densoising approach are each evaluated as potential numerical tools in the proposed sparse reconstruction method.