The question of decreasing the time of inspections while increasing their detection accuracy still appears crucial in modern industrial settings. The use of advanced techniques of Nondestructive Testing (NDT) has made it possible to increase performance and improve the accuracy of the inspection process. Ultrasonic phased array techniques proved to be a breakthrough technology that allows conducting more accurate performance assessments of components of industrial equipment with increased efficiency. In this research paper, a numerical analysis of the newly developed inspection technique based on the unique properties of the ultrasonic phased array technique will be presented. It aims at combining the ability to steer and focus beams of a phased array transducer with the high surface sensitivity of Rayleigh waves to develop a multiple inspection technique. The developed method provides the possibility to detect surface defects and volumetric defects during a single inspection procedure. The results of simulations show that Rayleigh waves possess high stability of the amplitude with regard to the propagation distance and angle of steering; therefore, they are very suitable for surface defect detection. At the same time, the Time-of-Flight Diffraction (ToFD) technique used with a single probe configuration allows detecting embedded cracks with sufficient accuracy.