Elastic guided waves are widely used in Structural Health Monitoring (SHM). In many-query settings, the computational cost of high-fidelity simulations motivates the use of projection-based reduced order modeling (ROM). However, the transport-dominated and dispersive nature of guided waves challenges static linear subspaces. In addition, preserving the Hamiltonian structure of the equations for energy conservation necessitates dedicated projection techniques. While the Dynamical Low Rank Approximation (DLRA) has proven effective for other wave equations, its application to elastic guided waves in SHM has remained unexplored. In this work, we introduce a structure-preserving parametric ROM framework that leverages the DLRA in an off-line/on-line strategy. During the off-line stage, a time-dependent symplectic reduced basis is constructed from training simulations. For a simplified class of parameter dependencies, we derive a closed-form solution of the nonlinear basis evolution equation. This analytical result yields a closed-form, energy-preserving reduced propagator during wave propagation, eliminating on-line time integration after the loading phase. We validate our approach on a 2D elasticity problem featuring dispersive guided waves interacting with a damage. The results demonstrate high compression ratios (rank $\sim 10-30$), low full field reconstruction errors ($\sim 10^{-3}-10^{-2}$), speedups of two to three orders of magnitude, and excellent long-time energy conservation.

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