Pressure vessels are prone to defects due to environmental conditions, which may cause serious safety hazards to industrial production. The probabilistic ellipse imaging method, based on ultrasonic guided wave, is a common method for locating defects on plate-like structures. In this paper, the research showed that the accuracy of the traditional probabilistic ellipse imaging method was severely affected by the truncation length of the signal. In order to improve the defect location accuracy of the probabilistic elliptic imaging algorithm, an adaptive signal truncation method based on signal difference analysis was proposed, and a novel probabilistic elliptic imaging method was developed. Firstly, the relationship model between the signal difference coefficient (SDC) and the distance coefficient was constructed. Through this model, the distance coefficient of each group signal can be calculated, so that the adaptive truncation length for each group of signals can be determined and the truncated signals used for defect imaging. Secondly, in order to improve the robustness of the new imaging method, the relationship between the defect location accuracy and SDC thresholds were investigated and the optimal threshold was determined. The experimental results showed that the probabilistic ellipse imaging algorithm, based on the new adaptive signal truncation method, can effectively locate a single defect on a pressure vessel.