Traditional ultrasound simulators solve the wave equation to model pressure distribution fields, achieving high accuracy but requiring significant computational time and resources. To address this, ray tracing approaches have been introduced, modeling wave propagation as rays interacting with boundaries and scatterers. However, existing models simplify ray propagation, generating echoes at interaction points without considering return paths to the sensor. This can result in unrealistic artifacts and necessitates careful scene tuning for plausible results. We propose a novel ultrasound simulation pipeline that utilizes a ray tracing algorithm to generate echo data, tracing each ray from the transducer through the scene and back to the sensor. To replicate advanced ultrasound imaging, we introduce a ray emission scheme optimized for plane wave imaging, incorporating delay and steering capabilities. Furthermore, we integrate a standard signal processing pipeline to simulate end-to-end ultrasound image formation. We showcase the efficacy of the proposed pipeline by modeling synthetic scenes featuring highly reflective objects, such as bones. In doing so, our proposed approach, UltraRay, not only enhances the overall visual quality but also improves the realism of the simulated images by accurately capturing secondary reflections and reducing unnatural artifacts. By building on top of a differentiable framework, the proposed pipeline lays the groundwork for a fast and differentiable ultrasound simulation tool necessary for gradient-based optimization, enabling advanced ultrasound beamforming strategies, neural network integration, and accurate inverse scene reconstruction.