Clashes between space debris and spacecraft in orbit may cause air leakages, which pose a substantial danger to the crew and the spacecraft. Lamb wave dispersion in spacecraft structures and the randomness of leak holes are the difficulties in leak location. To solve these problems, a frequency weighting matrix beamforming algorithm is proposed in this paper. The elastic Lamb waves that are caused by leakages are acquired by an ‘L’ shaped sensor array consisting of eight acoustic emission sensors. The angle of a leak can be obtained through the superposition of different time delays, and the intersection of two angles can be used to find the location of the leak. Traditional beamforming is improved by matching the wave speeds in different frequency bands and weightings according to the energy distribution. Narrowband filtering is used to delay overlay different signal speeds with different frequency bands via a dispersion curve. The weighting method is used to compensate the frequency band response of different leak holes. The detailed location algorithm process is introduced and verified by experiments. For 1.5 and 2 mm leak holes, location direction accuracies of 1.33° and 1.93° for one sensor array were obtained, respectively.