Analysis of extracellular neural spike recordings is highly dependent upon the accuracy of neural waveform classification, commonly referred to as spike sorting. Feature extraction is an important stage of this process because it can limit the quality of clustering which is performed in the feature space. This paper proposes a new feature extraction method (which we call Graph Laplacian Features, GLF) based on minimizing the graph Laplacian and maximizing the weighted variance. The algorithm is compared with Principal Components Analysis (PCA, the most commonly-used feature extraction method) using simulated neural data. The results show that the proposed algorithm produces more compact and well-separated clusters compared to PCA. As an added benefit, tentative cluster centers are output which can be used to initialize a subsequent clustering stage.