Ceramic Matrix Composites (CMC) are promising materials for high-temperature applications where damage tolerant failure behavior is required. Non-destructive testing is essential for process development, monitoring, and quality assessment of CMC parts. Air-coupled ultrasound (ACU) is a fast and cost-efficient tool for non-destructive inspections of large components with respect to the detection of material inhomogeneities. Even though ACU inspection is usually used for visual inspection, the interpretation of C-scan images is often ambiguous with regard to critical defects and their impact on local material properties. This paper reports on a new approach to link the local acoustic damping of an oxide CMC plate obtained from ACU analysis with subsequent destructive mechanical testing and microstructural analyses. Local damping values of bending bars are extracted from ACU maps and compared with the results of subsequent resonant frequency damping analysis and 3-point bending tests. To support data interpretation, the homogeneous and inhomogeneous CMC areas detected in the ACU map are further analyzed by X-ray computed tomography and scanning electron microscopy. The results provide strong evidence that specific material properties such as Young’s modulus are not predictable from ACU damping maps. However, ACU shows a high, beneficial sensitivity for narrow but large area matrix cracks or delaminations, i.e., local damping is significantly correlated with specific properties such as shear moduli and bending strengths.