A wavelet‐based method is re‐introduced in an oceanographic and spectral context to estimate wavenumber spectrum and spectral flux of kinetic energy and enstrophy. We apply this to a numerical simulation of idealized, doubly periodic quasi‐geostrophic flows, that is, the flow is constrained by the Coriolis force and vertical stratification. The double periodicity allows for a straightforward Fourier analysis as the baseline method. Our wavelet spectra agree well with the canonical Fourier approach but with the additional strengths of negating the necessity for the data to be periodic and being able to extract local anisotropies in the flow. Caution is warranted, however, when computing higher‐order quantities, such as spectral flux.