Among the various schemes being considered for structural health monitoring (SHM), guided wave (GW) testing in particular has shown great promise. While GW testing using hand-held transducers for non-destructive evaluation (NDE) is a well established technology, GW testing for SHM using surface-bonded/embedded piezoelectric wafer transducers (piezos) is relatively in its formative years. Little effort has been made towards a precise characterization of GW excitation using piezos and often the various parameters involved are chosen without mathematical foundation. In this work, a formulation for modeling the transient GW field excited using arbitrary shaped surface-bonded piezos in isotropic plates based on the 3D linear elasticity equations is presented. This is then used for the specific cases of rectangular and ring-shaped actuators, which are most commonly used in GW SHM. Equations for the output voltage response of surface-bonded piezo-sensors in GW fields are derived and optimization of the actuator/sensor dimensions is done based on these. Finally, numerical and experimental results establishing the validity of these models are discussed.