This paper describes the analysis of the oscillometric method based on the shape of arterial pressure and proposal of a new algorithm for estimating the blood pressure by computer simulation. In the first step, the arterial pressure model which is able to control the shape of arterial pressure was designed and then we simulated the oscillometric model using both the existing exponential model showing the static arterial pressure-volume relation and the designed arterial pressure model. By analyzing the correlation of characteristic ratio based on the shape of arterial pressure, we could find that the characteristic ratio was not the only standard parameter for estimating systolic and diastolic pressure. We were able to estimate the shape of arterial pressure by computing the correlation of arterial pressure shape with oscillation shape. Finally, we proposed an algorithm which is able to estimate systolic and diastolic pressure according to pressure(Pp) table constructed from the relation of maximum amplitude of oscillation and arterial pressure shape. We tested 60 arterial pressure waveforms having various arterial pressure shape and pulse. As a results, the absolute deviation average values of the estimation of systolic, diastolic and mean pressure were 1.62%, 2.40% and 2.20%, respectively. In conclusions, the proposed algorithm showed the possibility of usefullness in estimating the blood pressure.