Elastic wave propagation along the structure of hollow cylinders in a linear isotropic medium is investigated. The multipole method for modeling elastic waves propagation in such structures is formulated and implemented. Using the multipole method, dispersion dependencies of the structures (microstructured fibers) containing 3, 6, and 7 hollow cylinders are calculated. Comparison with wave dispersion properties along one cylinder is made. Also, an approximate physical model based on an equivalent coaxial waveguide and multipole method is proposed. Exploiting this model, wave dispersion of the wave propagating along a structure with 18 hollow cylinders is calculated. Validation of the model is also proposed.