This paper describes a new technique for thickness measurement of a very thin layer less than one-quarter of the wavelength of ultrasonic wave used in the ultrasonic pulse-echo measurements. The technique determines the thickness of a thin layer in a tapered medium from constructive interference of multiple reflection waves. The interference characteristics are derived and investigated in theoretical and experimental approaches. Modified total reflection wave g(t) defined as difference between total and first reflection waves increases in amplitude as the interfacial layer thickness decreases down to zero. A layer thickness less than one-tenth of the ultrasonic wavelength is measured using the maximum amplitude of g(t) with a good accuracy and sensitivity. The method also requires no inversion process to extract the thickness information from the waveforms of reflected waves, so that it makes possible to have the on-line thickness measurement of a thin layer such as a lubricating oil film in thrust bearings and journal bearings during manufacturing process.