The time-delay estimation (TDE) method is the primary method for predicting leakage locations in buried water distribution pipelines. The accuracy of TDE depends on the acoustic speed and attenuation of the leakage signal propagating along the pipeline. The analytical prediction model is the typical approach for obtaining the propagation speed and attenuation of leakage waves. However, the embedding parameters of the buried pipe in this model must be measured using soil tests, which are very difficult, costly, and time-consuming. These factors restrict the application of the TDE method in pinpointing pipeline leakage. A method for inverse identification of pipe embedding parameters using discrete wavenumbers obtained in field testing is presented in this paper, and the differential evolution algorithm is introduced as an optimization solution. A field experiment is conducted to validate the method, and the test wavenumbers are measured in a cast-iron pipeline. The estimated sensitive parameters in the analytical model using the method are soil elastic modulus, Poisson’s ratio, and pipe–soil contact coefficient, while the conventional soil test is used to measure the soil density due to the character of the optimization algorithm and the soil properties. The application effects show that the estimated parameters are close to those measured from a conventional soil test. The wave speed based on the estimated parameters was an excellent match for the on-site test in the engineering application. This work provides a less costly and more straightforward way to apply the TDE method for leak localization in buried pipelines.