Acoustic emission monitoring has been done on through wall circumferentially cracked pipe specimens during tensile loading to generate base-line data to facilitate non-destructive evaluation of structural integrity of pressure pipe systems. AE data measurements are made on pipe of 89 mm diameter, a wall thickness of 4 mm and a length of 480 mm. The material of the pipe is AISI 304 stainless steel. Crack sizes taken are 120, 130, 140, 150, 160 and 170 degree crack angle. The pipe is subjected to axial loading by hydraulic ram. The measurements of load-load point displacement and load-crack mouth opening displacement are also done concurrently with AE measurements. The paper describes the experimental set up for obtaining relevant AE data, analysis of the data and interpretation with respect to detection of yielding near crack tip, crack initiation and extension and unstable crack growth. Statistical variation of AE signal parameters recorded during stable and unstable crack growth is also discussed.