In this study, we report on the characterization of the magnetoelectric coupling coefficient in Ba-substituted Pb(Zr, Ti)O3/Co40Fe40B20 (BPZT/CoFeB) nanoscaled waveguides with lateral dimensions of 700 nm using propagating spin-wave spectroscopy. The characterization was conducted in a Damon–Eshbach configuration to maximize the magnetoelastic coupling strength, as predicted by strain distribution calculations using finite element simulations. The spin-wave resonance frequency is controlled by applying bias voltages on the magnetoelectric waveguide. The magnitude of the frequency shift was correlated with the strength of the magnetoelastic field, which reached a maximum value of 5.71 mT in our experiments. In addition, the results demonstrated that the coupling coefficient behavior is associated with the hysteretic ferroelectric nature of BPZT, reaching a maximum value of 1.69 mT/V.