This paper aims to identify impact sources on plate-like structures based on the synthetic time-reversal (T-R) concept using an array of sensors. The impact source characteristics, namely, impact location and impact loading time history, are reconstructed using the invariance of time-reversal concept, reciprocal theory, and signal processing algorithms. Numerical verification for two finite isotropic plates under low and high velocity impacts is performed to demonstrate the versatility of the synthetic T-R method for impact source identification. The results show that the impact location and time history of the impact force with various shapes and frequency bands can be readily obtained with only four sensors distributed around the impact location. The effects of time duration and the inaccuracy in the estimated impact location on the accuracy of the time history of the impact force using the T-R method are investigated. Since the T-R technique retraces all the multi-paths of reflected waves from the geometrical boundaries back to the impact location, it is well suited for quantifying the impact characteristics for complex structures. In addition, this method is robust against noise and it is suggested that a small number of sensors is sufficient to quantify the impact source characteristics through simple computation; thus it holds promise for the development of passive structural health monitoring (SHM) systems for impact monitoring in near real-time.