When measuring the ejection fraction for the evaluation of the ventricular pumping function by means of the thermodilution technique, the slow response a conventional thermistor has caused it to be considered unsuitable, and fast thermistors have been proposed as an alternative. However, in this paper we propose improving the time-domain response of a conventional thermistor using a signal processing technique composed of a series of first-order high-pass filters which is known as the natural observation system. We considered the rise time of the thermistor in response to a step temperature change to effect correction for the measurement of the ejection fraction. The coefficients of the natural observation system were calculated by minimizing the square error between the step-response signal of the thermistor and the band-limited reference signal. In an experiment using a model ventricle, the thermodilution curve obtained from a conventional thermistor was improved using the proposed technique, thus enabling successful measurement of the ejection fraction of the ventricles.