The determination of equivalent viscoelastic properties of heterogeneous objects remains challenging in various scientific fields such as (geo) mechanics, geophysics or biomechanics. The present investigation addresses the issue of the identification of effective constitutive properties of a binary object by using a nonlinear and full waveform inversion scheme. The inversion process, without any regularization technique or a priori information, aims at minimizing directly the discrepancy between the full waveform responses of a bi-material viscoelastic cylindrical object and its corresponding effective homogeneous object. It involves the retrieval of five constitutive equivalent parameters. Numerical simulations are performed in a laboratory-scale two-dimensional configuration: a transient acoustic plane wave impacts the object and the diffracted fluid pressure, solid stress or velocity component fields are determined using a semi-analytical approach. Results show that the retrieval of the density and of the real parts of both the compressional and the shear wave velocities have been carried out successfully regarding the number and location of sensors, the type of sensors, the size of the searching space, the frequency range of the incident plane pressure wave, and the change in the geometric or mechanical constitution of the bi-material object. The retrieval of the imaginary parts of the wave velocities can reveal in some cases the limitations of the proposed approach.