The problem of pulse-induced and acoustic cavitation of degassed water is considered within the framework of the incubation time approach. The analytical model to describe a dependency of the cavitation threshold on the pulse duration is developed and applied to experimental data in order to evaluate the main model parameter as the incubation time. The Sign-Perturbed Sums (SPS) method is used to get its estimation in the form of a confident interval. Obtained values of the incubation time are used to describe the dependency of the acoustic cavitation threshold on the ultrasonic frequency.