Tectonic tremor has been explained as a swarm of low‐frequency earthquakes (LFEs), which are located on a narrow fault at the plate boundary. However, due to the lack of clear impulsive phases in the tremor signal, it is difficult to determine the depth of the tremor source with great precision. The thickness of the tremor region is also not well constrained. The tremor may be located on a narrow fault as the LFEs appear to be, or distributed over a few kilometers wide low shear‐wave velocity layer in the upper oceanic crust, which is thought to be a region with high pore‐fluid pressure. Lag times of peaks in the cross‐correlation of the horizontal and vertical components of tremor seismograms, recorded by small‐aperture arrays in the Olympic Peninsula, Washington, are interpreted to be S minus P times. Tremor depths are estimated from these S minus P times using epicenters from a previous study computed with a multibeam backprojection method. The tremor is located close to the plate boundary in a region no more than 2–3 km thick and is very close to the depths of LFEs. The tremor is distributed over a wider depth range than the LFEs. However, due to the uncertainty on the depth, it is difficult to conclude whether the source of the tremor is located at the top of the subducting oceanic crust, in the lower continental crust just above the plate boundary, or in a narrow zone at the plate boundary.