A logging-while-drilling (LWD) caliper is a tool used for the real-time measurement of a borehole diameter in oil drilling engineering. This study introduces the mechanical structure and working principle of a new LWD caliper based on ultrasonic distance measurement (UDM). The detection range is a major performance index of a UDM system. This index is determined by the blind zone length and remote reflecting interface detection capability of the system. To reduce the blind zone length and detect near the reflecting interface, a full bridge acoustic emission technique based on bootstrap gate driver (BGD) and metal-oxide-semiconductor field effect transistor (MOSFET) is designed by analyzing the working principle and impedance characteristics of a given piezoelectric transducer. To detect the remote reflecting interface and reduce the dynamic range of the received echo signals, the relationships between the echo amplitude and propagation distance of ultrasonic waves are determined. A signal compensation technique based on time-varying amplification theory, which can automatically change the gain according to the echo arrival time is designed. Lastly, the aforementioned techniques and corresponding circuits are experimentally verified. Results show that the blind zone length in the UDM system of the LWD caliper is significantly reduced and the capability to detect the remote reflecting interface is considerably improved.