Measurement of elastic constants is crucial for engineering aspects of predicting the behavior of materials under load as well as structural health monitoring of material degradation. Ultrasonic velocity measurement for material properties has been broadly used as a nondestructive evaluation method for material characterization. In particular, pulse-echo method has been extensively utilized as it is not only simple but also effective when only one side of the inspected objects is accessible. However, the conventional technique in this approach measures longitudinal and shear waves individually to obtain their velocities. This produces a set of two data for each measurement. This paper proposes a simultaneous sensing system of longitudinal waves and shear waves for elastic constant measurement. The proposed system senses both these waves simultaneously as a single overlapped signal, which is then analyzed to calculate both the ultrasonic velocities for obtaining elastic constants. Therefore, this system requires just half the number of data to obtain elastic constants compared to the conventional individual measurement. The results of the proposed simultaneous measurement had smaller standard deviations than those in the individual measurement. These results validate that the proposed approach improves the efficiency and reliability of ultrasonic elastic constant measurement by reducing the complexity of the measurement system, its operating procedures, and the number of data.