A novel technique to derive respiratory rate from pulse photoplethysmographic (PPG) signals is presented. It exploits some morphological features of the PPG pulse that are known to be modulated by respiration: amplitude, slope transit time, and width of the main wave, and time to the first reflected wave. A pulse decomposition analysis technique is proposed to measure these features. This technique allows to decompose the PPG pulse into its main wave and its subsequent reflected waves, improving the robustness against noise and morphological changes that usually occur in long-term recordings. Proposed methods were evaluated with a data base containing PPG and plethysmography-based respiratory signals simultaneously recorded during a paced-breathing experiment. Results suggest that normal ranges of spontaneous respiratory rate (0.1-0.5 Hz) can be accurately estimated (median and interquartile range of relative error less than 5%) from PPG signals by using the studied features.