This paper performed a radial compression fatigue test on glass fiber winding composite tubes, collected acoustic emission signals at different fatigue damages stages, used time frequency analysis techniques for modern wavelet transform, and analyzed the wave form and frequency characteristics of fatigue damaged acoustic emission signals. Three main frequency bands of acoustic emission signal had been identified: 80-160 kHz (low frequency band), 160-300 kHz (middle frequency band), and over 300kHz (high frequency band), corresponding to the three basic damage modes: the fragmentation of matrix resin, the layered damage of fiber and matrix, and the fracture of cellosilk respectively. The usage of wavelet transform enabled the separation of fatigue damaged acoustic emission signals from interference wave, and the access to characteristics of high signal-noise-ratio fatigue damage.