The characterization of ultrasound fields generated by diagnostic and therapeutic equipment is an essential requirement for performance validation and to demonstrate compliance against established safety limits. This requires hydrophones calibrated to a traceable standard. Currently, the upper calibration frequency range available to the user community is limited to 60 MHz. However, high frequencies are increasingly being used for both imaging and therapy necessitating calibration frequencies up to 100 MHz. The precise calibration of hydrophones requires a source of high amplitude, broadband, quasi-planar, and stable ultrasound fields. There are challenges to using conventional piezoelectric sources, and laser generated ultrasound sources offer a promising solution. In this study, various nanocomposites consisting of a bulk polymer matrix and multi-walled carbon nanotubes were fabricated and tested using pulsed laser of a few nanoseconds for their suitability as a source for high frequency calibration of hydrophones. The pressure amplitude and bandwidths were measured using a broadband hydrophone from 27 different nanocomposite sources. The effect of nonlinear propagation of high amplitude laser generated ultrasound on bandwidth and the effect of bandlimited sensitivity response on the deconvolved pressure waveform were numerically investigated. The stability of the nanocomposite sources under sustained laser pulse excitation was also examined.