Melt ponds are a common feature on Arctic sea ice. They are linked to the sea ice surface albedo and transmittance of energy to the ocean from the atmosphere and thus constitute an important process to parameterize in Arctic climate models and simulations. This paper presents a first attempt to retrieve the melt pond fraction from hybrid‐polarized compact polarization (CP) SAR imagery, which has wider swath and shorter revisit time than the quad‐polarization systems, e.g., from RADARSAT‐2 (RS‐2). The co‐polarization (co‐pol) ratio has been verified to provide estimates of melt pond fractions. However, it is a challenge to link CP parameters and the co‐pol ratio. The theoretical possibility is presented, for making this linkage with the CP parameter C22/C11 (the ratio between the elements of the coherence matrix of CP SAR) for melt pond detection and monitoring with the tilted‐Bragg scattering model for the ocean surface. The empirical transformed formulation, denoted as the “compact polarization and quad‐pol” (“CPQP”) model, is proposed, based on 2062 RS‐2 quad‐pol SAR images, collocated with in situ measurements. We compared the retrieved melt pond fraction with CP parameters simulated from quad‐pol SAR data with results retrieved from the co‐pol ratio from quad‐pol SAR observations acquired during the Arctic‐Ice (Arctic‐Ice Covered Ecosystem in a Rapidly Changing Environment) field project. The results are shown to be comparable for observed melt pond measurements in spatial and temporal distributions. Thus, the utility of CP mode SAR for melt pond fraction estimation on first year level ice is presented.