Ultrasonic guided wave techniques offer an accurate and efficient procedure for damage monitoring in the structures. To develop reliable damage monitoring systems, it is essential to have a thorough understanding of the quantitative nature of ultrasonic guided waves that can be transmitted in composite laminates. In the present paper, the Semi-Analytical Finite Element (SAFE) method is employed due to its efficiency in the treatment of wave propagation problems involving complex materials and geometry. SAFE method is considered for the analysis of dispersion behaviour of guided waves in composite laminates by accounting the effect of in-plane load. The present study considers an infinite width plate such that the cross-section of the waveguide is modelled using 3 noded isoparametric 1-D elements representing the thickness of the plate. Equation of motion is formulated by using Hamilton’s equation. Finally, various parametric studies are carried out. The study includes analysing the effect of wave velocity in the plate subjected to applied in-plane load, and understanding the effect of dispersion characteristics on the direction of propagation (slowness curve). The study shows that at the lower frequency thickness product, the group velocity of the wave increases with the increase in the applied tensile load and vice-versa.