In this paper, a novel formulation for the power system state estimation is proposed, based on the recently introduced equivalent split-circuit formulation of the power flow problem. The formulation models the conventional and time synchronized measurements simultaneously and contains a significantly lower level of nonlinearity compared to the available hybrid state estimators. The appropriate circuit models are derived for different types of measurements and integrated into the existing circuit framework for the power flow problem. A constrained optimization problem is then formulated to estimate the states of the system in rectangular coordinates, while satisfying the circuit equations and bounds on the measurement data. To further prove the concept and validate the accuracy of the proposed formulation, several test cases are solved and the results are presented and discussed.