If you want to build your own transducer you can get the bare piezo-element from e.g. here:
http://www.ferroperm-piezo.com/they may not have hobby-friendly prices, but you might find the same thing from china or ebay?
You would need to solder a GND-wire to one side and the signal wire to the other side of the piezo. There is a critical temperature which must not be exceeded or otherwise the piezoelectric effect is lost from the material.
To make a transducer the back side is usually damped with some 'heavy' lossy material e.g. epoxy mixed with iron or lead powder.
The front side would need to be isolated if you want to use it in water. Two-part silicone between PZT and water would probably work. The ideal impedance matching calls for an acoustic impedance at the geometric mean of PZT and water IIRC.
This thing will resonate at a frequency that is related to the thickness of the PZT transducer. Thinner transducers give higher resonance frequencies and vice versa. If you want to send a short pulse you need to have good damping, i.e. wide bandwidth.
The same transducer will work for both Tx and Rx, or pulse-echo with just one transducer. The pulsers that drive these things usually have an analog switch that switches out the sensitive Rx amplifier while a "main bang" Tx circuit drives a negative-swing spike (100V or so) to the transducer. Once the tx pulse is gone the rx amplifier is switched in again.