The generation of axisymmetric Lamb waves and interaction with wall thinning (corrosion) defects in hollow cylinders are simulated using the finite element method. Guided wave interaction with defects in cylinders is challenged by the multi-mode dispersion and the mode conversion. In this paper, two longitudinal, axisymmetric modes are generated using the concept of a time-delay periodic ring arrays (TDPRA), which makes use of the constructive/destructive interference concept to achieve the unidirectional emission and reception of guided waves. The axisymmetric scattering by the wall thinning extending in full circumference of a cylinder is studied with a two-dimensional FE simulation. The effect of wall thinning depth, axial extension, and the edge shape on the reflections of guided waves is discussed.