The main method for estimating the level of arterial blood oxygenation is pulse oximetry, which has the advantages of being fast, simple, reliable, and non-invasive. However, in well-known pulse oximeters, oxygen saturation is determined only by hemoglobin functional fractions, which reduces the device accuracy and is unacceptable in certain clinical cases. The known pulse oximeter improvement that considers the dysfunctional fraction concentration, especially carboxyhemoglobin, when measuring the level of blood oxygenation is an actual scientific and technical task. The research subjects. Mathematical, algorithmic, and technical support of a pulse oximeter that measures blood oxygenation levels considering the carboxyhemoglobin concentration. Objective. To expand the pulse oximeter functionality to consider the concentration of carboxyhemoglobin in arterial blood. Methods. Methods of computer simulation for developing a model and estimating the pulse oximeter accuracy that measures the blood oxygenation level considering the carboxyhemoglobin concentration. Results. The theoretical statements of measuring the level of blood oxygenation considering the carboxyhemoglobin concentration and the simplest pulse oximeter structural diagram for measuring are developed. An additional LED used in the pulse oximeter is proposed, and the wavelength choice is justified on the condition of maximizing the carboxyhemoglobin contribution to the optical density of the biological object. Computer models of a traditional pulse oximeter and a pulse oximeter with an additional LED were developed, simulation research was conducted using the developed models, and the device accuracy for measuring the level of blood oxygenation was estimated considering the carboxyhemoglobin concentration. Conclusions. Simulation studies based on the developed models show that the proposed pulse oximeter, compared with the known one, allows determining and estimating a decrease in blood oxygenation caused by the carboxyhemoglobin concentration increasing in the patient’s blood. Considering that light is also absorbed by the third derivative of hemoglobin, carboxyhemoglobin, increases the accuracy of the proposed pulse oximeter in measuring functional saturation.