This research is designed to investigate the variations in ultrasonic p-wave velocity in various coal based paste fill materials used for recovering standing pillars in closed/closing coal mines, with consideration given to the effects of numerous material-related factors. For this purpose, orthogonal tests were designed. The evaluation was performed on the effects of four variables on the ultrasonic p-wave velocities in samples, using coal grains as the primary material. These variables consisted of the coal grains’ particle size (PA), high-water material content (PB), cement content (PC), and water content (PD). The experimental results show the following: (1) Ultrasonic p-wave velocity of coal based paste fill materials are measured within the range of 1.596 to 2.357 km/s, and these are classified (in descending order) as PD, PB, PC, and then PA, based on their effects on ultrasonic p-wave velocity. (2) Ultrasonic p-wave velocity is positively correlated with compressive strength and shear strength; the correlation coefficients are 0.82 and 0.69, respectively. (3) Changes in the ultrasonic p-wave velocity of coal based paste fill materials, when exposed to various factors, have been characterized by fitted formulae. It was observed that the velocity maintained a quadratic polynomial correlation with factor PB and exponential correlations with factors PA, PC, and PD. The comprehensive predictive model, reflecting the characteristics of the ultrasonic p-wave velocity in response to the combined influence of these four factors, was developed through the utilization of fitted equations pertaining to individual factor variations. Subsequently, this model underwent verification.