In an angle-based crankshaft position sensing system, an electrical circuit is provided for also sensing the direction of rotation of the crankshaft. A slotted target wheel is coupled to the crankshaft and a single dual-element MR sensor is juxtaposed with the target wheel. The elements generate respective detection signals when a slot passes by the elements, with the position of the slot being indicated as being directly under the sensor at the point in time when the detection signals intersect each other. Also, square waves are generated for each detection signal, and when the magnitude of the second square wave is non-zero when the falling edge of the first square wave occurs, a clockwise rotation is indicated. On the other hand, if the magnitude of the second square wave is zero when the falling edge of the first square wave occurs, a counterclockwise rotation is indicated.