An estimation of signal parameters via a rotational invariance techniques–like (ESPRIT-like) algorithm is proposed to estimate the direction of arrival and direction of departure for bistatic multiple-input multiple-output (MIMO) radar. The properties of a noncircular signal and Euler’s formula are first exploited to establish a real-valued bistatic MIMO radar array data, which is composed of sine and cosine data. Then the receiving/transmitting selective matrices are constructed to obtain the receiving/transmitting rotational invariance factors. Since the rotational invariance factor is a cosine function, symmetrical mirror angle ambiguity may occur. Finally, a maximum likelihood function is used to avoid the estimation ambiguities. Compared with the existing ESPRIT, the proposed algorithm can save about 75% of computational load owing to the real-valued ESPRIT algorithm. Simulation results confirm the effectiveness of the ESPRIT-like algorithm.