An approximate method for the quantitative characterization of acoustic emission sources whose signals are recorded with traditional instrumentation has been developed to evaluate the emission from a Fe-Ni alloy undergoing martensitic transformations. The calibration principle is based upon using pseudo sources of known elastic strain energy to produce a calibration curve relating a parameter of the acoustic emission signal measured (envelope strength) to the strain energy of the source. The curve can then be used to determine the strain energy of naturally occurring sources during martensitic transformations.