Oooo otang, I completely forgot about electromagnetic impulses, (stupid me, b/c I just wrote a paper about the very thing!) that is a very valid theory. But I can only think of a handful of things which would make that theory questionable, the largest being how humans and other organisms would be able to avoid a xenomorph for such prolonged periods of time. If they could sense their nervous impulses, then terrain would have very little effect. Also, this would cause machinery and electrical sources to interfere with this sense, which would make their infestation of areas such as the colony on Acheron in Aliens completely inefficient.
Also, you must realize that xenomorphs are not like the organisms of our planet. While they do not have eyes, that does not mean that they have developed some sort of organ to permit sight.
Additionally, I still believe that they use echolocation. I believe this primarily because, while other organisms have adapted ears to pick up sound waves from a single direction, that is only the evolutionary path which organisms on our planet have taken. There is no reason to say that the xenomorph's head is, as I believe, one gigantic hearing mechanism.
There are two different ways to pick up sound waves: either by ricocheting them from a funnel-shaped surface into a single point (as ears do) or by absorbing them with a smooth surface (as I believe xenomorphs do).
I believe that the xenomorph's head is smooth in shape to absorb nearby sound waves. If it were angular, the waves would simply deflect.
We also know that a xenomorph's head is filled with some sort of fluid directly beneath their epidermis.
Once the waves are absorbed into the head, they are easily transmitted through the underlying fluid within their heads, where the sonic activity is picked up and translated into nervous impulses for the xenomorph's brain.
In this way a xenomorph does not need ears, yet they can still hear and use echolocation.

"If anything in this life is certain, if history has taught us anything, it is that you can kill anyone." - Michael Corleone