Ideally, probabilistic hazard assessments combine available knowledge about physical mechanisms of the hazard, data on past hazards, and any precursor information. Systematically assessing the probability of rare, yet catastrophic hazards adds a layer of difficulty due to limited observation data. Via computer models, one can exercise potentially dangerous scenarios that may not have happened in the past but are probabilistically consistent with the aleatoric nature of previous volcanic behavior in the record. Traditional Monte Carlo‐based methods to calculate such hazard probabilities suffer from two issues: they are computationally expensive, and they are static. In light of new information, newly available data, signs of unrest, and new probabilistic analysis describing uncertainty about scenarios the Monte Carlo calculation would need to be redone under the same computational constraints. Here we present an alternative approach utilizing statistical emulators that provide an efficient way to overcome the computational bottleneck of typical Monte Carlo approaches. Moreover, this approach is independent of an aleatoric scenario model and yet can be applied rapidly to any scenario model making it dynamic. We present and apply this emulator‐based approach to create multiple probabilistic hazard maps for inundation of pyroclastic density currents in the Long Valley Volcanic Region. Further, we illustrate how this approach enables an exploration of the impact of epistemic uncertainties on these probabilistic hazard forecasts. Particularly, we focus on the uncertainty of vent opening models and how that uncertainty both aleatoric and epistemic impacts the resulting probabilistic hazard maps of pyroclastic density current inundation.