The scaled boundary finite element method is applied to the simulation of Lamb waves for ultrasonic testing applications. With this method, the general elastodynamic problem is solved, while only the boundary of the domain under consideration has to be discretized. The reflection of the fundamental Lamb wave modes from cracks of different geometry in a steel plate is modeled. A test problem is compared with commercial finite element software, showing the efficiency and convergence of the scaled boundary finite element method. A special formulation of this method is utilized to calculate dispersion relations for plate structures. For the discretization of the boundary, higher-order elements are employed to improve the efficiency of the simulations. The simplicity of mesh generation of a cracked plate for a scaled boundary finite element analysis is illustrated.