In contrast to the dynamic response characteristics, few propagation characteristics of elastic waves have been described on cellular materials, to date. In view of the development trend of emerging metamaterials on multi-functional, detailed characterization of elastic wave in honeycombs becomes an important task in order to assess their performances. This study investigates the propagation characteristics of elastic wave in square-packed circular honeycombs through combining theoretical analysis and numerical simulation. We also establish a one-dimensional circular chain model to discuss the influence mechanism of impact velocities, material parameters, and structural parameters on the elastic wave propagation characteristics in square-packed circular honeycombs. The influence relations are quantified and a semi-empirical theoretical expression for assessing characterization is presented, which extends theory of elastic wave propagation speed from solid materials to square-packed circular honeycombs. The assessment equation fully describes the elastic wave propagation speed and stress amplitude variation with location during propagation in square-packed circular honeycombs, and the results are consistent with the experimental data from the literature. The findings herein are aimed at providing an assessment equation with simple form for engineering applications easily and providing theoretical basis for elastic wave control and multi-functional combination design of metamaterials.