Human cancellous bone can be regarded as a biphasic porous medium comprising a fluid-saturated elastic structure. When subjected to ultrasonic excitation, the interaction between the structure and the saturating fluid leads to visco-inertial exchanges. These interactions can be effectively described by Johnson's model, which modifies Biot's theory. Biot's theory predicts the propagation of two coupled waves known as the fast P1 and slow P2 waves. In this study, we present a theoretical modeling approach to investigate the propagation of ultrasonic waves in human cancellous bone within the framework of the modified Biot theory. We derive an analytical expression for the transmission coefficient in the frequency domain, which accounts for the physical and mechanical parameters of the system as well as the excitation frequency of the incident wave. To calculate the transmitted signal, we multiply the spectrum of the incident signal with the obtained transmission coefficient in the frequency domain. We then examine and discuss the effects of varying physical and mechanical parameters on the two compression wave modes, namely the transmitted fast P1 and slow P2 waves, as they propagate through a hypothetical sample of fluid-saturated human cancellous bone. By investigating the transmission characteristics of ultrasonic waves in human cancellous bone, this study contributes to our understanding of the behavior of this complex biological material. The obtained results shed light on the influence of different factors on wave propagation, providing valuable insights for various applications, such as medical diagnostics and the design of bone-mimicking materials.