Shape memory alloys like NiTi exhibit high strain recovery due to a reversible martensitic transformation when cooled or stressed, enabling actuation and biomedical applications. The characteristics of the stress-induced martensitic transformation in Ni-rich NiTi depend on the heat treatment. For example, aging induces the precipitation of Ni;4Ti;3 and lowers the critical stress needed for martensitic transformation. However, comprehensive characterization of these nanoscale precipitates is challenging as only small areas can be inspected efficiently. Ultrasonic immersion testing may assist in developing linkages between structure and transformation behavior as ultrasonic scattering is sensitive to the microstructure and easily mapped on the bulk scale. To this end, the ability of scattering behavior to discern between different precipitation characteristics must be probed to establish the sensitivity of ultrasonic parameters to changes in precipitation. This work explores the dependence of wave speed, attenuation, and backscattered energy on varying annealing and aging heat treatments of Ni-rich NiTi. The annealing treatments result in a gradient of grain sizes, while the aging treatments result in nucleation and growth of precipitate phases with increasing hold time. Variations in the ultrasonic parameters elucidate the sensitivity to changes in the microstructure, which are more quantitatively explored through existing analytical scattering models.