Signal processing method based on wavelet transform used in non-linear acoustic test is presented in the paper. The method is applied for sidebands identification in response signal acquired during vibro-acoustic modulation test of impacted carbon fiber reinforced plate (CFRP). The plate was impacted with known energy using drop-weight testing machine. The modulation effect in investigated specimen results from the interaction of low and high frequency excitation with damage. The paper investigates different than mono-harmonic low-frequency excitation usually used in non-linear acoustics tests. Application of aperiodic low-frequency excitation signal allows to omit the modal test, where natural frequency of the structure are estimated. However, this requires the use of dedicated signal processing methods.