A three-part finite element model is developed that characterizes the ultrasonic pulse produced by an electromagnetic acoustic transducer (EMAT). The model represents several significant improvements over previously published works, as follows: (a) spatial inhomogeneities in the magnetic flux density are calculated and then incorporated in the determination of body forces, (b) an improved model of the electromagnetic induction phenomenon is formulated, allowing a more accurate evaluation of the ultrasonic pulse launched by an EMAT transmitter and (c) results from the model are compared directly with experimental measurements, yielding discrepancies of the order of 15% in the amplitude of the ultrasonic pulse. The new model is used to optimize the design of the EMAT system. In particular, a parametric study was conducted on the effects of varying an EMAT's magnet-to-coil width ratio. For the EMAT configuration considered, significant improvements can be achieved in the ultrasonic beam amplitude and profile by increasing the ratio to about 1.2; further increases in magnet dimensions yield only marginal improvements in the ultrasonic beam, at the cost of excessive EMAT size.