This study proposes a modified virtual time-reversal (VTR) algorithm for baseline signal-free damage detection in plate-like structures. The physical actuation and sensing of Lamb waves are performed using a broadband Gaussian excitation instead of the conventional narrowband modulated tone burst excitations. The forward response and the reconstructed signal due to the time-reversal process for a narrowband input signal are then constructed virtually using the broadband transfer function. The method eliminates the possibility of numerical errors encountered in the conventional VTR method based on narrowband excitations. It is also more efficient than the traditional VTR algorithm because it can probe at multiple excitation frequencies using a single measurement for each sensing path. This modified VTR algorithm is employed in the recently developed refined time-reversal method (RTRM), which uses an extended signal length of the reconstructed signal for computing damage index (DI) and probes the structure at the best reconstruction frequency. The new method is termed the virtual refined time-reversal method (VRTRM). The DIs based on the VRTRM are used in the reconstruction algorithm for probabilistic inspection of defects to achieve baseline signal-free localization of damages. The efficacy of the proposed VRTRM for damage localization is experimentally verified with the established technique RTRM. Experiments are performed in an aluminium plate equipped with a network of surface-bonded piezoelectric patch transducers to illustrate the conventional VTR’s pitfalls and the modified VTR’s accuracy for a single mass damage scenario. The results show that the proposed VRTRM is as accurate as the established technique RTRM in estimating the reconstructed signals and localizing a block mass damage. Finally, the VRTRM is shown to localize in a dual damage scenario with excellent accuracy. In contrast, the conventional main mode-based VTR method fails to localize the damages with or without single-mode tuning.