The pulse-echo method of non-destructive ultrasonic material testing is modeled by an iterative coupling scheme combining analytical and numerical methods in different domains. The approach offers significant advantages in terms of computational efficiency compared to volumetric mesh-based numerical models if the distance between transducer and specimen is large compared to the wavelength in the coupling medium. Excitation and results are given in the time domain while computations are performed in the frequency domain and are compatible with usual FEM solvers for linear elasticity. Due to the use of interpolated phase-shifted transfer functions only a small number of frequency lines is required in comparison to a direct Fourier transform of signals. The method is illustrated alongside a typical application on a steel structure embedded in water.