A new acoustic transducer and measurement method have been developed for precise measurement of surface wave velocity. This measurement method is used to investigate the acoustoelastic effects for waves propagating on the surface of a polymethylmethacrylate (PMMA) sample. The transducer uses two miniature conical PZT elements for acoustic wave transmitter and receiver on the sample surface; hence, it can be viewed as a point-source/point-receiver transducer. Acoustic waves are excited and detected with the PZT elements, and the wave velocity can be accurately determined with a cross-correlation waveform comparison method. The transducer and its measurement method are particularly sensitive and accurate in determining small changes in wave velocity; therefore, they are applied to the measurement of acoustoelastic effects in PMMA materials. Both the surface skimming longitudinal wave and Rayleigh surface wave can be simultaneously excited and measured. With a uniaxial-loaded PMMA sample, both acoustoelastic effects for surface skimming longitudinal wave and Rayleigh waves of PMMA are measured. The acoustoelastic coefficients for both types of surface wave motions are simultaneously determined. The transducer and its measurement method provide a practical way for measuring surface stresses nondestructively.