Non-invasive measurement of biomechanical properties of corneas may provide important information for ocular disease management and therapeutic procedures. An ultrasonic non-destructive evaluation method with a wave propagation model was developed to determine corneal biomechanical properties in vivo. In this study, we tested the feasibility of the approach in differentiating the mechanical properties of soft contact lenses as corneal phantoms. Three material types of soft contact lenses (six samples in each group) were measured using a broadband ultrasound transducer. The ultrasonic reflections from the contact lenses were recorded by a 500MHz/8-bit digitizer, and displayed and processed by a PC. A reference signal was recorded to compute the normalized power spectra using Fast Fourier Transformation. An inverse algorithm based on least-squares minimization was used to reconstruct three parameters of the contact lenses: density, thickness, and elastic constants lambda+2micro. The thickness of each sample was verified using an electronic thickness gauge, and the averaged density for each type of lenses was verified using Archimedes' principle and manufacturer's report. Our results demonstrated that the ultrasonic system was able to differentiate the elastic properties of the three types of the soft contact lenses with statistical significance (P-value<0.001). The reconstructed thicknesses and densities agreed well with the independent measurements. Our studies on corneal phantoms indicated that the ultrasonic system was sensitive and accurate in measuring the material properties of cornea-like structures. It is important to optimize the system for in vivo measurements.