Micrometeorite induced air leaks pose a substantial danger to manned spacecraft. An algorithm for identifying and locating air leaks in spacecraft by monitoring cross‐correlations of leak‐generated guided ultrasonic waves in the spacecraft’s plate‐like skin using a minimal array of sensors is described, The algorithm utilizes a‐priori knowledge of guided‐mode dispersion to invert that dispersion and thereby identify possible location curves for the leak source. The intersection of curves from multiple correlations identifies a specific location for the leak source.