The object of the investigation is a honeycomb structure of composite sandwich made of glass-epoxy laminating layers and a honeycomb core of epoxy impregnated paper. Large composite tanks possessing cylindrical shape are produced using the winding process. Therefore, the final products have uneven thickness and fibre orientation lamina layers, and also an unevenly impregnated honeycomb layer. The aim of this research is to develop an economically attractive embedded ultrasonic measurement technique for on-field diagnostics of complex composite structures used for production of large liquid storage tanks. Development of the relatively cheap and easy to operate embedded diagnostic/monitoring technique is important aiming to assure safety of liquid storage tanks (monitoring structural integrity against overpressure, etc.) and detection of accidental defects that may appear during transportation, installation and exploitation of those structures. Typical defects that are aimed to be detected are relatively large delaminations/disbonds (area having diameter of 150–200 mm) of skin layers caused by low energy impacts that cannot be detected visually and show severe influence on the structural strength and safety of liquid tanks. This work presents results of numerical modeling and experimental research in low frequency (50 kHz) ultrasonic guided waves (UGW) propagation in large honeycomb composite structures. Finite element (FE) simulation of UGW propagation has been made aiming to reduce quantity of ultrasonic transducers and optimize their placement on composite structure. The possibilities to place ultrasonic transducers and receivers on both sides (internal or external) of composite structures and to use such a proposed technique for detection of delamination/debonding areas caused by low energy impacts or alternating semi static loads (e.g. filling and draining of liquid from storage tank) and monitoring of partial self-healing of relatively rigid composite structures were proved by experimental testing.