Magnetostrictive patch transducers (MPT) are widely used in non-destructive testing for flexibility, reputability, and durability. Based on the theory of magnetostriction, we developed a method for the design and optimization of axial magnetized MPTs for the transduction of L(0,2) ultrasonic guided waves. To get the optimum static bias magnetic field, we conducted experiments with different magnetostrictive patch aspect ratios, which were based on the theory of demagnetization. Furthermore, we analyzed the variations in solenoid coil parameters with changes in the dynamic alternating magnetic field and induced voltage via simulations and experiments. An optimized MPT was obtained, with its performance improved by 2.79 times compared with those of transducers without magnetostrictive patch.