Ultrasonic Guided Wave (UGW) based Non-Destructive Testing (NDT) systems are widely used in numerous branches of industry, where the structural integrity of components carries vital importance. In those systems, signal interpretations might become challenging due to multi-modal and dispersive response of the structure under examination. This results in degradation of the signals in terms of Signalto-Noise Ratio (SNR) and spatial/temporal resolution. This paper uses Maximal Length Sequences (MLS) to develop a novel signal processing technique by employing the Short-Time Fourier Transform (STFT), dispersion compensation and crosscorrelation. The technique is applied to experimental multi-modal signals from an aluminum rod for performance verification. It is quantitatively validated that the technique noticeably improves the SNR of the guided wave response, and is able to derive an accurate time of flight of the individual wave modes and thus the propagation distance.