A π-phase-shifted fiber Bragg grating (π-FBG) shows high sensitivity to the ultrasonic (US) wave as compared to the conventional FBG due to the strong slow-light phenomenon at the resonance peak. However, its sensitivity is limited by the interrogation schemes. A combination of π-FBG and unbalanced fiber Mach-Zehnder interferometer (F-MZI) are theoretically analyzed and optimized for the highly sensitive acoustic sensor. The coupled-mode theory (CMT) and transfer matrix method (TMM) are used to establish the numerical modelling of π-FBG. For the optimized grating parameters of π-FBG, the proposed sensing system shows the high strain sensitivity of 1.2 × 10 8 /ε, the highest dynamic strain resolution of 4.1fε/ √ Hz, and the highest wavelength shift resolution of 4.9 × 10 −9 pm. Further, the proposed sensing system strongly supports both time and wavelength division multiplexing techniques. Therefore, the proposed sensing system shows extreme importance in single as well as quasi-distributed US acoustic wave sensing networks.