Ultrasonic inspection is one of the most widely used non-destructive testing methods for inspection of fabricated structures and components. During ultrasonic inspection, mechanical waves in form of ultrasound are transmitted and propagate through volume of parts or components and reflect when the waves meet with the existing interface such as flaws in the welds. In addition to detection of flaws or defects within the structures, ultrasonic inspection is also used for determination of component thickness as well as characterization of microstructure of different materials. As the ultrasound is transmitted through media, the loss of ultrasound amplitude is referred to as acoustic attenuation. This attenuation effects greatly result from heterogeneity, anisotropy, and different grain sizes of crystalline media the ultrasound goes through. In order to develop the ultrasonic backscattering models for polycrystalline materials, experimental results of the correlation between the changes in attenuation coefficient and the actual microstructure of polycrystalline materials are necessary. This research article presents the preliminary results of this correlation study in stainless steel 304L specimens in as-received conditions compared with different annealed and heat-treated conditions. Such correlations of attenuation coefficient, hardness, and grain size will be used as baseline for future additional characterization technique such as electron backscattered diffraction to better understand the attenuation effects for textured polycrystalline materials.