The invention discloses an ultrasonic excitation signal generation method, for generating ultrasonic wave signals simulating partial discharge of power equipment. The method comprises the following steps: outputting continuous periodic sine signals as carrier wave signals; outputting preset modulation signals for performing amplitude modulation on the carrier wave signals so as to generate intermittent periodic corresponding simulation signals; and converting the simulation signals into the corresponding ultrasonic wave signals. According to the invention, the amplitude modulation is performed on the continuous periodic sine carrier wave signals, continuous periodic sine waveforms are enabled to be modulated into the intermittent periodic simulation signals, and the ultrasonic wave signals converted from the simulation signals are also enabled to be intermittent and periodic, such that ultrasonic waves generated by an actual partial discharge environment of the power equipment are simulated for the purpose of facilitating examination of performance of an ultrasonic wave partial discharge tester. The invention also correspondingly discloses an ultrasonic wave generation system which has the same effect as the method.