Imaging Photoplethysmography (IPPG) is an emerging and efficient optical method for non-contact measurement of pulse waves using an image sensor. While the contactless way brings convenience, the inevitable distance between the sensor and the subject results in massive specular reflection interference on the skin surface, which leads to a low Signal to Interference plus Noise Ratio (SINR) of IPPG. To ease this challenge, this work proposes a novel modulation illumination approach to measure the accurate arterial pulse wave via surface reflection interference isolation from IPPG. Based on the proposed skin reflection model, a specific modulation illumination is designed to separate the surface reflections and obtain the subcutaneous diffuse reflections containing the pulse wave information. Compared with the results under ambient illumination and constant supplemental illumination, the SINR of the proposed method is improved by 4.56 and 3.74 dB, respectively.