Analysis of the contour of the blood volume pulse (VP) has become important because it contains much information about cardiovascular activity. Traditionally, pulse contour analysis requires first or higher derivatives to be calculated. This paper describes a novel algorithm for analysing simultaneously measured ear and finger photoplethysmography (PPG) signals. The algorithm separates the systolic wave and the diastolic wave of the VP and fits each of them with the sum of two Gaussian functions. The VP was obtained from PPG signals taken from 40 healthy subjects at each heartbeat cycle. From the evaluated VP, time values of the direct wave and three reflected waves were calculated, as well as the augmentation index (AI) and the reflection index (RI). The evaluated parameters were compared with those that were obtained by the derivative method, and it was demonstrated that the new method can be used to analyze VP waveforms.