Previous studies have demonstrated, experimentally and theoretically, the existence of slow–fast evolutions, i.e., slow chaotic spiking sequences in the dynamics of a semiconductor laser with AC-coupled optoelectronic feedback. In this work, the so-called Flow Curvature Method was used, which provides the slow invariant manifold analytical equation of such a laser model and also highlights its symmetries if any exist. This equation and its graphical representation in the phase space enable, on the one hand, discriminating the slow evolution of the trajectory curves from the fast one and, on the other hand, improving our understanding of this slow–fast regime.