This paper addresses the computation of dispersion curves and mode shapes of elastic guided waves in axisymmetric waveguides. The approach is based on a Scaled Boundary Finite Element formulation, that has previously been presented for plate structures and general three-dimensional waveguides with complex cross-section. The formulation leads to a Hamiltonian eigenvalue problem for the computation of wavenumbers and displacement amplitudes, that can be solved very efficiently. In the axisymmetric representation, only the radial direction in a cylindrical coordinate system has to be discretized, while the circumferential direction as well as the direction of propagation are described analytically. It is demonstrated, how the computational costs can drastically be reduced by employing spectral elements of extremely high order. Additionally, an alternative formulation is presented, that leads to real coefficient matrices. It is discussed, how these two approaches affect the computational efficiency, depending on the elasticity matrix. In the case of solid cylinders, the singularity of the governing equations that occurs in the center of the cross-section is avoided by changing the quadrature scheme. Numerical examples show the applicability of the approach to homogeneous as well as layered structures with isotropic or anisotropic material behavior.