Noise barriers are a critical part of noise mitigation in urban and rural areas. In this study, a comparison of the insertion loss calculations of noise barriers via the Finite Element Method (FEM) and various formulae (Kurze–Anderson, ISO 9613-2/Tatge, Menounou) is presented in the case of two-dimensional acoustic radiation problems. Some of the cases explored include: receiver in the illuminated zone, in the shadow zone, in the shadow border, source in medium, long, short distance from the barrier, source and receiver near barrier, and source above the barrier. Comparisons of the results indicate that FEM results comply well (less than 1 dB in each case) with Menounou’s formula which in turn complies with the analytic solution (MacDonald Solution). In certain cases, the differences between FEM and Menounou’s formula compared to Kurze–Anderson and ISO 9613-2/Tatge formulae are substantial (source and receiver near the barrier (10 dB) and source near the barrier and receiver in the shadow border (5 dB)). Similar differences are also confirmed by the analytic solution. The findings suggest that FEM can be applied effectively for the precise estimation of the insertion loss of noise barriers. Especially in cases where ISO 9613-2 formula shows large deviations from the analytic solution (e.g., near barrier), possible applications may arise in cases such as balconies, facades, etc. Furthermore, the study supports the idea that FEM could possibly be effectively utilized in real life applications for microscale urban acoustic modeling as a viable alternative to expensive noise prediction software.