In the Pannonian Basin, especially in Croatia, there are a small number of wells for which acquired shear-wave (S-wave) velocities have been obtained. Often, quantitative interpretation relies only on compressional-wave (P-wave) velocity data, and S-wave velocity must be modelled. S-wave velocity estimation in combination with other petrophysical data is essential for detailed reservoir characterization. P- and S-wave velocities enable seismic modelling of different saturation states in a reservoir. This paper demonstrates a workflow for S-wave velocity estimation where S-wave velocity data are absent in the gas field and neighbouring fields with the same lithology, based on the Kuster–Toksöz and Xu–Payne models applied to the Pannonian Basin limestone reservoir. The results are calibrated with the P-wave velocity obtained from borehole data and the vertical seismic profile (VSP) S-wave interval velocity. Although rock physics models are idealized analogues of real rocks, a very good correlation was obtained between the modelled and measured P-wave velocity, as well as between the modelled S-wave velocity and the VSP interval velocity. The study also illustrates the problem of defining the pore aspect ratio in zones of increasing shale content. Due to the limited research on the limestones of the Pannonian Basin, these results enable a better understanding of the seismic parameters of the Pannonian Basin limestones. The results indicate that the proposed workflow gives an adequate estimation of S-wave velocities.