Background and Objective: Detection of the dicrotic notch (DN) within a cardiac cycle is essential for assessment of cardiac output, calculation of pulse wave velocity, estimation of left ventricular ejection time, and supporting feature-based machine learning models for noninvasive blood pressure estimation, and hypotension, or hypertension prediction. In this study, we present a new algorithm based on the iterative envelope mean (IEM) method to detect automatically the DN in arterial blood pressure (ABP) and photoplethysmography (PPG) waveforms. Methods: The algorithm was evaluated on both ABP and PPG waveforms from a large perioperative dataset (MLORD dataset) comprising 17,327 patients. The analysis involved a total of 1,171,288 cardiac cycles for ABP waveforms and 3,424,975 cardiac cycles for PPG waveforms. To evaluate the algorithm's performance, the systolic phase duration (SPD) was employed, which represents the duration from the onset of the systolic phase to the DN in the cardiac cycle. Correlation plots and regression analysis were used to compare the algorithm with an established DN detection technique (second derivative). The marking of the DN temporal location was carried out by an experienced researcher using the help of the find_peaks function from the scipy PYTHON package, serving as a reference for the evaluation. The marking was visually validated by both an engineer and an anesthesiologist. The robustness of the algorithm was evaluated as the DN was made less visually distinct across signal-to-noise ratios (SNRs) ranging from -30 dB to -5 dB in both ABP and PPG waveforms. Results: The correlation between SPD estimated by the algorithm and that marked by the researcher is strong for both ABP (R2(87343) =.99, p<.001) and PPG (R2(86764) =.98, p<.001) waveforms. The algorithm had a lower mean error of dicrotic notch detection (s): 0.0047 (0.0029) for ABP waveforms and 0.0046 (0.0029) for PPG waveforms, compared to 0.0693 (0.0770) for ABP and 0.0968 (0.0909) for PPG waveforms for the established 2nd derivative method. The algorithm has high accuracy of DN detection for SNR of >= -9 dB for ABP waveforms and >= -12 dB for PPG waveforms indicating robust performance in detecting the DN when it is less visibly distinct. Conclusion: Our proposed IEM- based algorithm can detect DN in both ABP and PPG waveforms with low computational cost, even in cases where it is not distinctly defined within a cardiac cycle of the waveform (DN-less signals). The algorithm can potentially serve as a valuable, fast, and reliable tool for extracting features from ABP and PPG waveforms. It can be especially beneficial in medical applications where DN-based features, such as SPD, diastolic phase duration, and DN amplitude, play a significant role.