This work explores the influence of a pre-engineered notch on the electromagnetic radiation (EMR) parameters in NiTi shape memory alloy (SMA) during tensile tests. The test data showed that the EMR signal fluctuated between oscillatory and exponential, signifying that the specimen’s viscosity damping coefficient changes during strain hardening. The EMR parameters, maximum EMR amplitude, and average EMR energy release rate remained constant initially but rose sharply with the plastic zone radius with progressive loading. It was postulated that new Frank–Read sources permit dislocation multiplication and increase the number of edge dislocations participating in EMR emissions, leading to a rise in the value of EMR parameters. The study of the correlation between EMR emission parameters and the plastic zone radius before the crack tip is a vital crack growth monitoring tool. An analysis of the interrelationship of the EMR energy release rate at fracture with the elastic strain energy release rate would help develop an innovative approach to assess fracture toughness, a critical parameter for the design and safety of metals. The microstructural analysis of tensile fractures and the interrelation between deformation behaviours concerning the EMR parameters offers a novel and real-time approach to improve the extant understanding of the behaviour of metallic materials.