Converting ultrasonic signal to ultrasonic pulse stream is the key step of finite rate of innovation (FRI) sparse sampling. At present, ultrasonic pulse-stream-forming techniques are mainly based on digital algorithms. No hardware circuit that can achieve it has been reported. This paper proposes a new quadrature demodulation (QD) based circuit implementation method for forming an ultrasonic pulse stream. Elaborating on FRI sparse sampling theory, the process of ultrasonic signal is explained, followed by a discussion and analysis of ultrasonic pulse-stream-forming methods. In contrast to ultrasonic signal envelope extracting techniques, a quadrature demodulation method (QDM) is proposed. Simulation experiments were performed to determine its performance at various signal-to-noise ratios (SNRs). The circuit was then designed, with mixing module, oscillator, low pass filter (LPF), and root of square sum module. Finally, application experiments were carried out on pipeline sample ultrasonic flaw testing. The experimental results indicate that the QDM can accurately convert ultrasonic signal to ultrasonic pulse stream, and reverse the original signal information, such as pulse width, amplitude, and time of arrival. This technique lays the foundation for ultrasonic signal FRI sparse sampling directly with hardware circuitry.