Bearing assemblies are one of the most important elements in the braking system of railway rolling stock. Due to the intensification of passenger and freight rail traffic, as well as the increase of the traffic speed, development of new anti-friction materials is an urgent task. The paper considers peculiarities of manufacturing bushes for braking system of railway rolling stock made of low-alloy metal powder materials based on Fe-C compound with content of Ni and Mo up to 0.3%. Studies on physical and mechanical properties and microstructure of sintered samples, as well as metrological and tribological studies, were carried out. To assess the material homogeneity of the bushes and possibility to locate cracks upon its volume, the method of ultrasonic testing called “time-of-flight” (TOF), typically demonstrated for effective detection of cracks in welds, was applied. The TOF method based on sounding a zone between the transmitter and the receiver and the analysis of signals generated by direct transmission of ultrasound and diffraction reflections has shown ability to form a pseudo-image of a crack in the cylindrical bush with the crack. The distribution of ultrasound velocity in a few sample bushes indicated a significant variation of the velocity (from 3.75 to 4.54 km/s) that was rather pronounced in the bushes’ height than in the cross section zones. The effect is explained by a higher degree of technological compaction of metal powder in the marginal zones of height. The results showed that the TOF scanning of the bushes’ surface can reveal cracks and assess heterogeneity of the material during the same test. Analysis of data on physical and mechanical properties and microstructure of the sintered samples confirmed the possibility of using low-alloy metal powder materials for the production of bushes for braking systems, despite the slight decrease of strength (to 5-10%) and the larger density of the used powder materials. The metrological studies applied 2D and 3D roughness approach and the tribological studies were performed under the “ball-on-disk” mode. 2D and 3D roughness parameters, the friction coefficient and the volumetric wear of the investigated samples confirmed the predicted wear resistance, which is only slightly inferior to the same of more expensive known materials. The effect of surface texture parameters on tribological characteristics of the bushes material was shown. Thus, the use of low-alloy metal powder on the iron base for producing sintered bushes for braking systems reduces the products cost with almost no reducing its wear resistance and durability.