The following article presents results of investigating the damage detection in reinforced concrete beams with artificially introduced debonding between the rod and cover, using a non-destructive method based on elastic waves propagation. The primary aim of the research was to analyze the possible use of guided waves in partial circumferential debonding detection. Guided waves were excited and registered in reinforced concrete specimens with varying extents of debonding damage by piezoelectric sensors attached at both ends of the beams. Experimental results in the form of time–domain signals registered for variable extent of debonding were compared, and the relationships relating to the damage size and time of flight and average wave velocity were proposed. The experimental results were compared with theoretical predictions based on dispersion curves traced for the free rod of circular cross-section and rectangular reinforced concrete cross-section. The high agreement of theoretical and experimental data proved that the proposed method, taking advantage of average wave velocity, can be efficiently used for assessing debonding size in reinforced concrete structures. It was shown that the development of damage size in circumferential direction has a completely different impact on wave velocity than development of debonding length. The article contains a continuation of work previously conducted on the detection of delamination in concrete structures. The proposed relationship is the next essential step for developing a diagnostics method for detecting debondings of any size and orientation.