A new experimental procedure and its associated interpretation theories are proposed to determine the five dynamic elastic constants of a transversely isotropic rock. Using Christoffel's equations, the elastic constants can be uniquely determined based on ultrasonic wave velocity measurements on a single cylindrical specimen. The new method requires that the orientation of planes of elastic symmetry be parallel to its longitudinal axis. The wave velocity measuring devices (i.e. transducers) can be mounted on the sires or ends of the specimen. The new method has been implemented in the laboratory on a transversely isotropic rock, argillite. Wave velocity measurements were taken on specimens with and without a tensile load applied at the ends. Consistent results were obtained in both cases. This paper describes details of the analytical background and the proposed experimental procedure. Available test results are presented to demonstrate the efficacy of the new method.