The development and research of an ultrasonic-based concrete structural health monitoring system encounters a variety of problems, such as demands of decreasing complexity, high accuracy, and extendable system output. Aiming at these requirements, a low-cost extendable system based on FPGA with adjustable system output has been designed, and the performance has been evaluated by different assessment parameters set in this paper. Besides the description of the designed system and the experiments in air medium, the residual similarity and Pearson correlation coefficients of experimental and theoretical data have been used to evaluate the submodules’ output. The output performance of the overall system is evaluated by the Pearson correlation coefficient, root-mean-square error (RMSE), and magnitude-squared coherence with 40 experimental data. The maximum, median, minimum, and mean values in three-parameter datasets are analyzed for discussing the working condition of the system. The experimental results show that the system works stably and reliably with tunable frequency and amplitude output.