Cardiospermum halicacabum L. (Sapindaceae), often referred to as balloon vine, is a medicinal plant recognized for its historical applications and rich phytochemical composition. The present study investigated selected physicochemical characteristics of the powdered leaves and the qualitative phytochemical and spectroscopic profile of a 70% ethanolic leaf extract obtained using ultrasound-assisted extraction (UAE). Loss on drying, ash values, and solvent-extractable values were determined for the powdered material. Preliminary phytochemical screening was performed using qualitative chemical reactions, while the evaluation of total phenolic and flavonoid contents was performed using colorimetric assays. FT-IR and UV–Visible spectroscopy were used to obtain preliminary spectral fingerprints. The 70% ethanolic extract tested positive for glycosides, terpenoids, saponins, tannins, flavonoids, alkaloids, proteins/amino acids, phenolic compounds, and carbohydrates. Total phenolic and flavonoid contents were reported; the basis should be stated according to the calibration standards actually used. These findings provide a preliminary quality and spectroscopic profile of the leaf extract. The results should be interpreted as characterization data rather than direct proof of superior extraction efficiency or individual compound identity.