Pipeline structures are widely used in construction, oil transportation, and other industrial fields, but with increasing service life, pipeline structures can develop health problems, such as perforations and cracks, which can cause pipeline fractures and bring serious safety accidents and economic losses if they are not detected at an early stage. Ultrasonic guided wave detection technology has been widely applied in precise damage detection of pipeline structures. To facilitate the grasp of structural health status, a pipeline structural damage imaging method combined with time-of-flight (ToF) compensation and probabilistic reconstruction is proposed. This method analyzes the response signals collected under different states, uses the correlation of the signals as the damage index, constructs an elliptical probability distribution, and determines the axial position of the damage. Afterward, using ToF as the characteristic parameter, a circular probability distribution is constructed to determine the circumferential location of the damage, and finally, the precise location of the damage is obtained. Forty-five test points were selected for the experiment. The average positioning error is 7 mm. The experimental results show that the method has certain recognition ability for single or multiple damages and has higher accuracy and stability compared to traditional probability reconstruction algorithms.