In clinical practice, capillary blood taken from hyperemized earlobes (CBGE) or fingertips (CBGF) is frequently used as substitute for arterial blood (ABG) for blood gas analysis. While there is a close agreement between ABG and CBGE/CBGF regarding pH and pCO2, pO2 is often underestimated by CBG. Recently, a software tool (v-TAC®; Roche Diagnostics, Risch-Rotkreuz, Switzerland) has been developed to calculate ABG values based on a peripheral venous blood gas analysis supplemented with peripheral oxygen saturation. Here we investigate whether v-TAC can also be used to calculate ABG values from capillary blood samples. Patients (n = 85) with an indwelling arterial line were included in the study. A reference ABG sample (ABG1) was obtained, followed by CBGE, CBGF, and finally a second ABG (ABG2). Results of CBGE/CBGF before and after mathematical arterialization by v-TAC (aCBGE/aCBGF) were compared to ABG1. After mathematical arterialization by v-TAC, the mean bias in pO2 between ABG1 and CBGE went down from 5.24 mm Hg (95% limit of agreement [95% LoA]: -14.19 to 24.67) to 0.18 mm Hg (95% LoA: -11.84 to 12.20) and was in a similar range as the mean bias between ABG1 and ABG2 (0.39 mm Hg [95% LoA: -13.46 to 14.24]). Differences in pH and pCO2 between arterial and capillary samples were small before and after mathematical arterialization. Very similar results were obtained when using fingertip instead of earlobe capillary blood. In summary, v-TAC can be used for mathematical arterialization of capillary blood samples for blood gas analysis resulting in increased diagnostic accuracy for pO2.