The location template matching(LTM) method is a technique of identifying an impact location on a structure, and requires a certain measure of similarity between two time signals. In general, the correlation coefficient is widely used as the measure of similarity, while the group delay based method is recently proposed to improve the accuracy of the impact localization. Another possible measure is the frequency response assurance criterion(FRAC), though this has not been applied yet. In this paper, these three different measures of similarity are examined comparatively by using experimental data in order to understand the properties of these measures of similarity. The comparative study shows that the correlation coefficient and the FRAC give almost the same information while the group delay based method gives the shape oriented information that is best suitable for the location template matching method.