Fractured bedrock aquifers, especially deep aquifers, represent increasingly common targets for waste storage and alternative energy development, necessitating detailed quantitative descriptions of fracture hydraulic properties, geometry, and connectivity. Yet, multi‐scale characterization of the physical properties that govern fluid flow through and storage in fractured bedrock remains a fundamental hydrogeologic challenge. Oscillatory hydraulic testing, a novel hydraulic characterization technique, has been showing promise in field experiments to characterize the effective hydraulic properties of bedrock fractures. To date, these characterization efforts utilize simplified diffusive analytical models that conceptualize a non‐deforming, parallel‐plate fracture embedded within impermeable host rock, and have found that the returned fracture hydraulic parameter estimates exhibit an apparent period‐dependence. We conduct synthetic experiments using three different numerical models to examine proposed mechanisms that might contribute to the observed period‐dependence including heterogeneous flow and storage within the fracture (i.e., aperture heterogeneity), fracture‐host rock fluid exchange, and fracture hydromechanics. This work represents the first systematic analysis that seeks to understand the process(es) occurring within a bedrock fracture that might be contributing to this apparent period‐dependence. Our analysis demonstrates that all investigated mechanisms generate period‐dependent effective hydraulic parameter estimates, each with their own potentially diagnostic trends; however, fracture hydromechanics is the only explored mechanism that consistently reproduces period‐dependent trends in parameter estimates that are consistent with existing field investigations. These results highlight the need to develop more complex numerical modeling approaches that account for this hydromechanical behavior when characterizing fractured bedrock aquifers.