A new method to estimate respiratory signal from thoracic impedance is proposed. To realize battery powered, wearable respiratory monitoring devices, low current impedance measurement techniques are desired. However, under low current conditions, conventional methods to separate cardiac and respiratory signals do not work well as the cardiac signal is much larger than the respiratory signal. In the proposed method, respiratory signal is estimated by calculating an envelope curve from the detected T waves of cardiac component. The results of the experiments show that the accuracy of proposed method is greater than conventional method.