In this paper, time/frequency domain data processing was proposed to analyse the EN signal recorded during stress corrosion cracking on precipitation-hardening martensitic stainless steel in a chloride environment. Continuous Wavelet Transform, albeit with some limitations, showed a suitable support in the discriminatory capacity among transient signals related to the different stress corrosion cracking mechanisms. In particular, the aim is to propose the analysis of electrochemical noise signals under stress corrosion cracking conditions in the time–frequency domain by using the Hilbert–Huang approach. The Hilbert–Huang Transform (performed by the Empirical Mode Decomposition approach) was finally proposed to carry out an identification of the corrosion mechanisms in comparison to conventional data processing methods. By using this approach, a detailed simultaneous decomposition of the original electrochemical noise data in the time and frequency domain was carried out. The method gave useful information about transitions among different corrosion mechanisms, allowing us to (i) identify a specific characteristic response for each corrosion damaging phenomenon induced by stress corrosion cracking, (ii) time each corrosion of the damaging phenomenon, and (iii) provide a topological description of the advancing SCC damaging stages. This characteristic evidences that the Hilbert–Huang Transform is a very powerful technique to potentially recognize and distinguish the different corrosion mechanisms occurring during stress corrosion cracking.