In spite of many advances in analytical and numerical modeling techniques for solving different engineering problems, an efficient solution technique for wave propagation modeling of an electromagnetic acoustic transducer (EMAT) system is still missing. Distributed point source method (DPSM) is a newly developed semi-analytical technique developed since 2000 by Placko and Kundu (2007) [12] that is very powerful and straightforward for solving various engineering problems, including acoustic and electromagnetic modeling problems. In this study DPSM has been employed to model the Lorentz type EMAT with a meander line and flat spiral type coil. The problem of wave propagation has been solved and eddy currents and Lorentz forces have been calculated. The displacement field has been obtained as well. While modeling the Lorentz force the effect of dynamic magnetic field has been considered that most current analyses ignore. Results from this analysis have been compared with the finite element method (FEM) based predictions. It should be noted that with the current state of knowledge this problem can be solved only by FEM.