In this paper, we introduce a set representation called polynomial logical zonotopes for performing exact and computationally efficient reachability analysis on logical systems. We prove that through this polynomial-like construction, we are able to perform all of the fundamental logical operations (XOR, NOT, XNOR, AND, NAND, OR, NOR) between sets of points exactly in a reduced space, i.e., generator space with reduced complexity. Polynomial logical zonotopes are a generalization of logical zonotopes, which are able to represent up to $2^n$ binary vectors using only $n$ generators. Due to their construction, logical zonotopes are only able to support exact computations of some logical operations (XOR, NOT, XNOR), while other operations (AND, NAND, OR, NOR) result in over-approximations in the generator space. In order to perform all fundamental logical operations exactly, we formulate a generalization of logical zonotopes that is constructed by dependent generators and exponent matrices. While we are able to perform all of the logical operations exactly, this comes with a slight increase in computational complexity compared to logical zonotopes. To illustrate and showcase the computational benefits of polynomial logical zonotopes, we present the results of performing reachability analysis on two use cases: (1) safety verification of an intersection crossing protocol and (2) reachability analysis on a high-dimensional Boolean function. Moreover, to highlight the extensibility of logical zonotopes, we include an additional use case where we perform a computationally tractable exhaustive search for the key of a linear feedback shift register.