This paper presents an in-depth study of the stress wave behavior propagating in a Rayleigh–Love rod with a sudden cross-sectional area change. The analytical solutions of stress waves are derived for the reflection and transmission propagation behavior at the interface of the cross-sectional area change in the rod, considering inertia and Poisson’s effects. Examples solved by the finite element method are provided to verify the correctness of the analytical results. In addition to the forward analysis of Rayleigh–Love wave propagation in rods impacted by a striker rod, a nondestructive testing method is proposed to conduct the defect assessment in the rod type of the structure component with a sudden cross-sectional area change within a cover medium by using the measured signals at the measurable zone of the rod to be inspected.