Advances in seismics acquisition and processing and the widespread use of 4D seismics have made available reliable production‐induced subsurface deformation data in the form of overburden time‐shifts. Inversion of these data is now beginning to be used as an aid to the monitoring of a reservoir's effective stress. Past solutions to this inversion problem have relied upon analytic calculations for an unrealistically simplified subsurface, which can lead to uncertainties. To enhance the accuracy of this approach, a method based on transfer functions is proposed in which the function itself is calibrated using numerically generated overburden strain deformation calculated for a small select group of reference sources. This technique proves to be a good compromise between the faster but more accurate history match of the overburden strain using a geomechanical simulator and the slower, less accurate analytic method. Synthetic tests using a coupled geomechanical and fluid flow simulator for the South Arne field confirm the efficacy of the method. Application to measured time‐shifts from observed 4D seismics indicates compartmentalization in the Tor reservoir, more heterogeneity than is currently considered in the simulation model and moderate connectivity with the overlying Ekofisk formation.