In this paper, a reflection type photoelectric pulse wave sensor was designed for short-term pulse rate variability analysis. Photoplethysmography (PPG) signals and ECG signals (obtained with the Dimetek MicroECG recorder Dicare-m1CP) were recorded synchronously from 20 healthy subjects. The analytical results show a significant correlation (correlation coefficient r > 0.99) between the PPG-derived peak-to-peak (PP) intervals and the ECG-derived RR intervals. Besides, there are no significant differences (P > 0.05) between the HRV measured by ECG and the PRV quantified by the PPG whether in time domain, frequency domain, or the Poincare plot parameters. The experimental results suggest that the PPG-based short-term PRV analysis can be consistent with the ECG-based HRV measurement in wearable smart devices.