The ability of pulse oximeters to measure carboxyhemoglobin (HbCO) in blood or measure accurate values of oxygen saturation (SpO2) in the presence of elevated levels of HbCO is an important advantage because high exposure to carbon monoxide (CO) can be fatal or results in permanent neurological damage. The aim of my research was to develop an algorithm that would measure SpO2 and SpCO simultaneously using a pulse oximeter. Several specific wavelengths at which changes in SpCO and SpO2 can be measured with high sensitivity and specificity were identified. The choice of these wavelengths was experimentally verified utilizing an in-vitro set up. Preliminary results using our algorithm showed an accuracy of -1.1 to +2.7% [±1.96 SD] for SpO2 ranging between 70-100%, and -2 to 3.3% [±1.96 SD] for SpCO ranging between 30% with a specificity of 83.3% and a sensitivity of 100% for SpO2 and SpCO, respectively.