A system model is used, describing the voltage-to-voltage transfer function for an ultrasonic transmit-receive transducer pair based on simulations using a finite element model for piezoelectric transducers (FEMP). The piezoelectric ceramic elements used in this work are cylindrical Pz27 disks vibrating radially in air at room temperature and 1 atm, over a frequency range up to 300 kHz. Comparisons are made between measurements and simulations. Effects of uncertainties in alignment are examined, together with comparisons with prior work.