Although mud pumps are vital components of a drilling rig, their failures are frequent. The identification of technical condition of these high-pressure piston pumps is difficult. There are no reliable criteria for the assessment of mud pump condition. In this paper, faults of the pump valve module are identified by means of acoustic emission (AE) signals. The characteristics of these signals are extracted by wavelet packet signal processing. This method has been verified by experiments conducted on a NOV (National Oilwell Varco) -made triplex 14-P-220 mud pump (mounted in the drillship). The results show that the wavelet packet signal processing method can effectively extract the frequency band energy eigenvalues of the signals. Besides, some operational problems associated with high pressure piston mud pumps are presented. A non-invasive method for diagnosing the technical condition of such pumps is being developed at the Maritime University of Szczecin.