Researchers are still working on the development of models that facilitate the accurate estimation of acoustic cavitation threshold. In this paper, we have analyzed the possibility of using the incubation time criterion to calculate the threshold of the onset of acoustic cavitation depending on the ultrasound frequency, hydrostatic pressure, and temperature of a liquid. This criterion has been successfully used by earlier studies to calculate the dynamic strength of solids and has recently been proposed in an adapted version for calculating the cavitation threshold. The analysis is carried out for various experimental data for water presented in the literature. Although the criterion assumes the use of macroparameters of a liquid, we also considered the possibility of taking into account the size of cavitation nuclei and its influence on the calculation result. We compared the results of cavitation threshold calculations done using the incubation time criterion of cavitation and the classical nucleation theory. Our results showed that the incubation time criterion more qualitatively models the results of experiments using only three parameters of the liquid. We then discussed a possible relationship between the parameters of the two approaches. The results of our study showed that the criterion under consideration has a good potential and can be conveniently used for applications where there are special requirements for ultrasound parameters, maximum negative pressure, and liquid temperature.