In this study, we experimentally assess which elastic modulus – Young's modulus or the constraint modulus – is appropriate for application to the compression wave velocity of rock cores measured via an ultrasonic pulse technique and a point-source travel-time method. Experimental tests are performed at pulse frequencies between 50 kHz and 1 MHz, the ratio of diameter (D) to wavelength (λ) is between 0.6 and 25.6, and the specimen length is between 10 and 70 cm. It is found that compression wave velocities obtained from the two methods are constrained wave velocities, and thus the constraint modulus should be applied in the wave equation. Also, the effect of the frequency of the ultrasonic pulse, D/λ, and specimen length on compression wave velocity is negligble within the ranges explored in this study.