Ultrasonic guided wave (UGW) nondestructive testing suffers from poor signal interpretation accuracy caused by the coherent noise that is related to dispersion, multi-mode and mode conversion. In order to split the L(0,2) UGW from the coherent noise, split-spectrum processing with raised cosine filters of constant frequency-to-bandwidth ratio (FBR-RC-SSP) is proposed. With the advantages of time domain resolution and frequency domain split, FBR-RC-SSP is studied based on time-frequency analysis using the chirplet transform, and the effects of filter parameters on signal-to-noise ratio gain (SNRG) and defect-to-coherent noise gain (DCRG) are explained. The excellent effects of eliminating the coherent noise and improving the signal resolution in FBR-RC-SSP are reported by the validation of synthesized, simulated and experimental UGW signals, of which the average SNRG and DCRG are 22.92% and 23.71% higher than those of traditional SSP using Gaussian filters, and it has the potential to locate and characterize defects in further UGW testing research.