In recent years, high-performance piezoelectric micromachined ultrasonic transducers (PMUTs) have been fabricated by micro electro mechanical systems (MEMS) technology. For high-resolution imaging, it is important to broaden the frequency bandwidth. By reducing the diaphragm size to increase the resonance frequency, the film thickness becomes relatively larger and hence the transmitting and receiving characteristics may different from those of a usual thin diaphragm. In this study, we examine the performance of a square-diaphragm-type lead zirconate titanate (PZT) transducer through simulations. To realize the desired resonance frequency of 20 MHz, firstly, the diaphragm size and the thickness of the layers of PZT and Si constituting a PMUT are examined, and then, three PZT/Si models with different thicknesses are selected. Subsequently, using the models, we analyze the transmitting efficiency, transmitting bandwidth, receiving sensitivity (piezoelectric voltage/electric charge), and receiving bandwidth using an FEM simulator. It is found that the proposed models can transmit ultrasound independently of the diaphragm vibration and have wide bandwidth of the receiving frequency as compared with that of a typical PMUT.