According to embodiments, a pulse band region is identified in a wavelet scalogram of a physiological signal (e.g., a plethysmograph or photoplethysmograph signal). Components of the scalogram at scales larger than the identified pulse band region are then used to determine a baseline signal in wavelet space. The baseline signal may then be used to normalize the physiological signal. Physiological information may be determined from the normalized signal. For example, oxygen saturation may be determined using a ratio of ratios or any other suitable technique.