Hey Lee YC, how are you?
The first sentence is not correct; whereas the second one is. ''She should have arrived by now'' means either that you expect her to have arrived already or that she was expected to have arrived, but still haven't.
May I provide you with an explanation on the usage of ''should + have'' construction, for a better understanding:
--> You use ''should'' or ''ought to'' with ''have'' and an ''-ed participle'' to say that you expect something to have happened already.
E.g.: ''You should have heard by now that I'm O.K.''
E.g.: ''It's ten o'clock, so they ought to have reached the station.''
--> You also use ''should'' or ''ought to'' with ''have'' and an ''-ed participle'' to say that something was expected to happen, but did not happen.
E.g.: ''The letters, which should have been sent to that address, were forwarded to another.''
E.g.: ''The project ought to have finished by now.''
*Be Careful!
You must use ''have'' and an ''-ed participle'' in sentences like these. Don't say, for example, 'The project ought to finish by now'. Likewise, you must not say 'She should arrive by now', as in the first example you provided.
Hope that helps!!!
Should you have any further questions/doubts regarding English grammar, do not hesitate to contact me. I shall be pleased to help.