Non-invasive fetal electrocardiography (NI-ECG) is based on the acquisition of signals from electrodes on the mother’s abdominal surface. This abdominal ECG (aECG) signal consists of the maternal ECG (mECG) along with the fetal ECG (fECG) and other noises and artifacts. These records allow the acquisition of valuable and reliable information that helps ensure fetal well-being during pregnancy. This paper proposes a procedure based on principal component analysis (PCA) to obtain a single-channel master abdominal ECG record that can be used as input to fetal heart rate extraction techniques. The new procedure requires three main processing stages: PCA-based analysis for fECG-component extraction, polarity test, and curve fitting. To show the advantages of the proposal, this PCA-based method has been used as the feeding stage to a previously developed clustering-based method for single-channel aECG fetal heart rate monitoring. The results obtained for a set of real abdominal ECG recordings from annotated public aECG databases, the Abdominal and Direct Fetal ECG Database and the Challenge 2013 Training Set A, show improved efficiency in fetal heart rate extraction and illustrate the benefits derived from the use of such a master abdominal ECG channel. This allows us to achieve proper fetal heart rate monitoring without the need for manual inspection and selection of channels to be processed, while also allowing us to analyze records that would have been discarded otherwise.