This paper presents a novel approximation unit added to the conventional spike processing chain which provides an appreciable reduction of complexity of the high-hardware cost feature extractors. The use of the Taylor polynomial is proposed and modelled employing its cascaded derivatives to non-uniformly capture the essential samples in each spike for reliable feature extraction and sorting. Inclusion of the approximation unit can provide 3X compression (i.e. from 66 to 22 samples) to the spike waveforms while preserving their shapes. Detailed spike waveform sequences based on in-vivo measurements have been generated using a customized neural simulator for performance assessment of the approximation unit tested on six published feature extractors. For noise levels {\sigma}_N between 0.05 and 0.3 and groups of 3 spikes in each channel, all the feature extractors provide almost same sorting performance before and after approximation. The overall implementation cost when including the approximation unit and feature extraction shows a large reduction (i.e. up to 8.7X) in the hardware costly and more accurate feature extractors, offering a substantial improvement in feature extraction design.