Magnetostrictive patch transducers (MPT) with planar coils are ideal candidates for shear mode generation and detection in pipe and plate inspection with the advantages of flexibility, lightness and good directivity. However, the low energy conversion efficiency limits the application of the MPT in long distance inspection. In this article, a method for the enhancement of the MPT was proposed by dynamic magnetic field optimization using a soft magnetic patch (SMP). The SMP can reduce the magnetic resistance of the magnetic circuit, which increases the dynamic magnetic field intensity in the magnetostrictive patch during wave generation and restricts the induced dynamic magnetic field within the area around the coils for sensing during wave detection. Numerical simulations carried out at different frequencies verified the improvement of the dynamic magnetic fields by the SMP and influence of different affecting factors. The experimental validations of the signal enhancement in wave generation and detection were performed in an aluminum plate. The amplitude magnification could reach 12.7 dB when the MPTs were covered by the SMPs. Based on the numerical and experimental results, the SMP with a large relative permeability and thickness and close fitting between the SMP and coils were recommended when other application conditions were met.