We have the following characterization:
The space $V:=\{\widehat f\colon f\in L^1(\textbf R)\}$ is equal to the space $W=\{h*g\colon h \text{ and } g\in L^2(\textbf R)\}$. That is the Fourier transforms of functions of $L^1(\textbf R)$ coincide with the convolutions of functions in $L^2(\textbf R)$.
Proof:
Let $f\in L^1(\mathbf R)$. Then $f=uv$ with $u$ and $v\in L^2(\mathbf R)$ (for example take $u=v=\sqrt{f}$ where $\sqrt{z}$ is the unique square root with argument in $(-\pi,\pi]$). Then
$$\widehat f=\widehat{uv}=\widehat u*\widehat v,$$ with $\widehat u$ and $\widehat v\in L^2(\mathbf R)$. Therefore $V\subset W$.
Let now $h$ and $g\in L^2(\mathbf R)$, since the Fourier transform is a bijective isometry in $L^2(\mathbf R)$, there are $u$ and $v\in L^2(\mathbf R)$ with $\widehat u=h$ and $\widehat v=g$, then
$$h*g=\widehat u *\widehat v=\widehat {u v}$$
with $uv\in L^1(\mathbf R)$ as a product of two $L^2(\mathbf R)$ functions. Therefore $W\subset V$
End of Proof
Probably not what you want, but related.