Ultrasonic techniques could be good candidates to aid the assessment of osteoporosis detection, due to their non-intrusiveness and low cost. While earlier studies made use of the measured ultrasonic phase velocity and attenuation inside the bone, very few have considered an inverse identification of both the intrinsic pore microstructure and the mechanical properties of the bone, based on Biot's model. The main purpose of this work is to present an in vitro methodology for bone identification, adopting a statistical Bayesian inference technique using ultrasonic transmitted signals, which allows the retrieval of the identified parameters and their uncertainty. In addition to the bone density, Young's modulus and Poisson's ratio, the bone pore microstructure parameters (porosity, tortuosity, and viscous length) are identified. These additional microstructural terms could improve the knowledge on the correlations between bone microstructure and bone diseases, since they provide more information on the trabecular structure. In general, the exact properties of the saturating fluid are unknown (bone marrow and blood in the case of bone study) so in this work, the fluid properties (water) are identified during the inference as a proof of concept.