In this work, we present the design of an external reference electrode for high-temperature PEM fuel cells. The connection between the reference electrode with one of the fuel cell electrodes is realized by an ionic connector. Using the same material for the ionic connection as for the fuel cell membrane gives us the advantage to reach temperatures above 100 °C without destroying the reference electrode. This configuration allows for the separation of the anode and cathode overpotential in a working fuel cell system. In addition to the electrode overpotentials in normal hydrogen/air operation, the influence of CO and CO + H2O in the anode feed on the fuel cell potentials was investigated. When CO poisons the anode catalyst, not only the anode potential increased, but also the cathode overpotential, due to fewer protons reaching the cathode. By the use of synthetic reformate containing hydrogen, carbon monoxide and water on the anode, fuel cell voltage oscillations were observed at high constant current densities. The reference electrode measurements showed that the fuel cell oscillations were only related to reactions on the anode side influencing the anode overpotential. The cathode potential, in contrast, was only negligibly affected by the oscillations under the applied conditions.