Background: Heart rate (HR) is a critical biomarker that provides insights into overall health, stress levels, and the autonomic nervous system. Pulse wave signals contain valuable information about the cardiovascular system and heart status. However, signal acquisition in wearables poses challenges, particularly when using electrical sensors, due to factors like the distance from the heart, body movement, and suboptimal electrode placement. Methods: Electrical bioimpedance (EBI) measurements using bipolar and tetrapolar electrode systems were employed for pulse wave signal acquisition from the wrist in both perpendicular and distal configurations. Signal preprocessing techniques, including baseline removal via Hankel matrix methods, normalization, cross-correlation, and peak detection, were applied to improve signal quality. This study describes the combination of sensor-level signal acquisition and processing for accurate wearable HR estimation. Results: The bipolar system was shown to produce larger ΔZ(t), while the tetrapolar system demonstrated higher sensitivity. Distal placement of the electrodes yielded greater ΔZ(t) (up to 0.231 Ω) when targeting both wrist arteries. Bandpass filtering resulted in a better signal-to-noise ratio (SNR), achieving 3.6 dB for the best bipolar setup and 4.8 dB for the tetrapolar setup, compared to 2.6 and 3.3 dB SNR, respectively, with the Savitzky–Golay filter. The custom HR estimation algorithm presented in this paper demonstrated improved accuracy over a reference method, achieving an average error of 1.8 beats per minute for the best bipolar setup, with a mean absolute percentage error (MAPE) of 8%. Conclusions: The analysis supports the feasibility of using bipolar electrode setups on the wrist and highlights the importance of electrode positioning relative to the arteries. The proposed signal processing method, featuring a preprocessing pipeline and HR estimation algorithm, provides a proof-of-concept demonstration for HR estimation from EBI signals acquired at the wrist.