The results on a new magnetoelastic sensing device for monitoring the pulse wave characteristics are reported. The main application area for this device is the indirect diagnosis of paroxysmal rhythm disorders. The proposed device is employing a novel nanocrystalline microwire with enhanced soft magnetic properties, obtained after accurate post-processing treatments. It has a high sensitivity to detect the pulse wave, being at the same time small and autonomous (battery operated). It also has a large internal memory for data storage and Internet connectivity options. The information processed and stored by the device is extremely useful for healthcare professionals and for patients with cardiac arrhythmias. The monitoring of the main parameters of the pulse wave, such as frequency, regularity, and signal amplitude, allows one to differentiate a regular arrhythmia from an irregular one. Online transmission of the recorded pulse wave information is helpful for telediagnosis and for home monitoring of patients with paroxysmal rhythm disorders.