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The frequency range of the leak noise in buried water pipes, measured using acoustic correlators, depends significantly on the type of pipe and its location as well as the type of sensors used. Having a rough idea of this frequency range can be beneficial for operators prior to conducting tests; however, there is currently no method of predicting it except through practical experience, and no model-based approach yet exists. This issue is addressed in the present paper by using a concise and relatively simple analytical model of the water-pipe–soil system combined with the sensors’ frequency response. The influence of the various physical parameters of the system, such as the pipe and soil properties and the sensor type, on the cross-power spectral density (CPSD) of leak noise signals and, furthermore, the frequency range are investigated. The main factors that affect the bandwidth are the distance between the sensors, wave speed of the predominantly fluid-borne wave in the pipe and the attenuation of this wave. It is shown that the external medium has a profound effect on the propagation and, in turn, on the bandwidth. The approach to predicting this bandwidth is validated using experimental data from three different test sites.