In certain fire situations, a structural or load-bearing polymer matrix composite (PMC) may be exposed to excessive thermal loads that degrade the matrix. In this paper, we report the results of a study to assess the utility of ultrasonic spectroscopy as a means of assessing the residual physical and mechanical characteristics of PMCs exposed to excessive thermal loads. We show that the measured power spectra of ultrasonic energy correlates with performance of graphite fiber epoxy matrix composites exposed to thermal degradation. Unidirectional composites were exposed to short term-high intensity thermal loads at one end of the specimen. Thus, inducing a thermal gradient along the length of the specimen. Simultaneous thermogravimetric analysis - differential scanning calorimetry (TGA/DSC) and Fourier transform infrared spectroscopy (FTIR) analysis of the aged specimens revealed a gradient in thermal degradation. The thermal loads induced substantial degradation of the composite. However, the amplitude of the power spectra is observed to increase gradually then sharply prior to its complete attenuation due to delaminations. Mode I fracture toughness tests correlate with the observed changes in the ultrasonic spectra. FTIR, TGA/DSC, fracture toughness, and ultrasonic spectral analysis all indicate the same critical temperature at which thermally induced damage sharply increased.