Reliable devices are essential for the commercialization of OLED technology. OLED materials are notorious for their sensitivity to various substances such as water. For thermally activated delayed emission (TADF) OLEDs, which layers are most water‐sensitive is unknown. Work towards understanding how water affects OLED performance is shown. Surprisingly, it is shown that the water effect on the emission layer is negligible compared to other layers in this stack. The emission zone is measured for fresh and degraded OLEDs deposited under different water partial pressures. Using a novel highly sensitive measurement method, a shift to the anode side was observed.