Fibre-reinforced composite laminates are frequently used in various engineering structures, due to their increased weight-to-stiffness ratio, which allows to fulfil certain regulations of CO2 emissions. Limited inter-laminar strength makes composites prone to formation of various defects, which leads to progressive degradation of residual strength and fatigue life of the structure. Using ultrasonic guided waves is a common technique for assessing the structural integrity of composite laminates. Phase velocity is one of the fundamental characteristics of guided waves and can be used for defect detection, material property estimation, and evaluation of dispersion. In this paper, a phase velocity reconstruction approach, based on the phase-shift method, was proposed, which uses frequency sweep excitation to estimate velocity at specific frequency harmonics. In contrast to the conventional phase spectrum technique, the proposed approach is applicable to the narrowband piezoelectric transducers and suitable for the reconstruction of dispersion curves for direct, converted, and multiple co-existing modes with high accuracy. The proposed technique was validated with finite element simulations and experiments, both on isotropic and anisotropic structures, analysing the direct, converted, and overlapped modes. The results demonstrated that, using the proposed technique, the phase velocity dispersion can be reconstructed at −20 dB level bandwidth of the transducer, with a relative error of ±4%, compared to the theoretical velocity predictions.