Micro-EDM is an unconventional technology used to machine every type of electrically conductive material regardless of its mechanical properties. Material removal occurs through electrical discharges between the workpiece and the electrode immersed in a dielectric fluid. In drilling operations, the technology is able to realise microholes with excellent quality in terms of precision, quality surface, roundness, and taper to the detriment of the machining time, which is less than other technologies. Several efforts are being made to improve different features related to the process performance that are severely affected by both the operative conditions, such as the electrode material or the type of dielectric, and process parameters. The typical indexes used to characterise the performance are the machining time, the material removal rate, and the geometric indexes. These indexes are very effective and are easily measurable, but they do not give information about the evolution of the drilling process, which could be irregular due to the different phenomena occurring during machining. The aim of this paper is the development of a method able to elaborate the motion law of the electrode during the micro-EDM drilling operation. In order to do this, a single hole was manufactured in several steps, recording both the machining time and electrode wear for each step. In this way, the actual position of the electrode during the drilling can be measured without the use of a predictive model for electrode wear. It was tested to confirm that the multistep procedure did not introduce new phenomena, in contrast to the traditional drilling operation. This method was used to study the effects of the electrode diameter, the type of electrode, the length of the electrode out of the spindle, and the entity of the run-out on the process performance. The tests were executed on titanium alloy sheets using a tungsten carbide electrode and hydrocarbon oil as the dielectric. It was found that the descent of the electrode into the workpiece was not regular, but it depended on the level of debris concentration in the machining zone. The debris concentration was influenced by the type and diameter of the electrode, its length out of the spindle, and, to a lesser extent, the run-out. This method was found to be a useful method for an in-depth analysis of the micro-EDM drilling process, contributing to a better understanding of the physical aspects of the process.