Rolling mill bearings are prone to wear, erosion, and other damage characteristics due to prolonged exposure to rolling forces. Therefore, regular inspection of rolling mill bearings is necessary. Ultrasonic technology, due to its non-destructive nature, allows for measuring the oil film thickness distribution within the bearing during disassembly. However, during the process of using ultrasonic reflection coefficients to determine the oil film thickness and distribution state of rolling mill bearings, changes in bearing temperature due to prolonged operation can occur. Ultrasonic waves are susceptible to temperature variations, and different temperatures of the measured structure can lead to changes in measurement results, ultimately distorting the results. This paper proposes using density and sound speed compensation methods to address this issue. It simulates and analyzes the oil film reflection coefficients at different temperatures, ultimately confirming the feasibility and effectiveness of this approach. The paper establishes a functional relationship between bearing pressure and reflection coefficients, oil film thickness, and reflection coefficients. This allows for the compensation of reflection coefficients under any pressure conditions, enhancing the accuracy of oil film thickness detection. The proposed method provides technical support for the maintenance of plate rolling processes in the steel industry.