A method for estimating cardiovascular dynamics and cardiac output waveforms using signals derived from two PPG sensors is presented. The method employs a novel signal-processing algorithm known as Laguerre Model Blind System Identification to identify the vascular dynamics associated with the measured PPG signals. A unique deconvolution method is then used with the identified Laguerre models to estimate the cardiac output waveform. Initial results implementing the method on data derived from a human subject is presented. Results show good agreement between the morphology of the estimated waveform and the typical morphology of the human cardiac output waveform.