A method for fault and fracture identification based on seismic data representing a geological section using dispersion properties of reflected and diffracted waves. The method includes scanning N parameters associated with the seismic data. The array includes the coordinate axes of the angle of emergence (β), the radius of curvature of the wave front (R) and either time or depth samples. The method also includes processing the N parameters, generating a new image having a cross-sectional shape associated with one of the reflected and diffracted waves, calculating parameters DS and LS, evaluating DS for the case of fracture characterization, and comparing, for the case of fault identification, parameter LS with a threshold value defining the type of wave as one of the reflected and diffracted wave, the cross-sectional shape being substantially circular for the reflected wave, and being elliptical for the diffracted wave.