||The effect of parametric wave phase conjugation (WPC) in application to ultrasound or acoustic waves in magnetostrictive solids has been addressed numerically by Ben Khelil et al. [J. Acoust. Soc. Am. 109, 7583 (2001)] using 1-D unsteady formulation. Here the numerical method presented by Voinovich et al. [Shock waves 13(3), 221230 (2003)] extends the analysis to the 2-D effects. The employed model describes universally elastic solids and liquids. A source term similar to Ben Khelil et al.`s accounts for the coupling between deformation and magnetostriction due to external periodic magnetic field. The compatibility between the isotropic constitutive law of the medium and the model of magnetostriction has been considered. Supplementary to the 1-D simulations, the present model involves longitudinal/transversal mode conversion at the sample boundaries and separate magnetic field coupling with dilatation and shear stress. The influence of those factors in a 2-D geometry on the potential output of a magneto-elastic wave phase conjugator is analyzed in this paper. The process under study includes propagation of a wave burst of a given frequency from a point source in a liquid into the active solid, amplification of the waves due to parametric resonance, and formation of time-reversed waves, their radiation into liquid, and focusing. The considered subject is particularly important for ultrasonic applications in acoustic imaging, nondestructive testing, or medical diagnostics and therapy.