Nowadays, full‐waveform inversion, based on fitting the measured surface data with modelled data, has become the preferred approach to recover detailed physical parameters from the subsurface. However, its application is computationally expensive for large inversion domains. Furthermore, when the subsurface has a complex geological setting, the inversion process requires an appropriate pre‐conditioning scheme to retrieve the medium parameters for the desired target area in a reliable manner. One way of dealing with both aspects is by waveform inversion schemes in a target‐oriented fashion. Therefore, we propose a prospective application of the convolution‐type representation for the acoustic wavefield in the frequency–space domain formulated as a target‐oriented waveform inversion method. Our approach aims at matching the observed and modelled upgoing wavefields at a target depth level in the subsurface, where the seismic wavefields, generated by sources distributed above this level, are available. The forward modelling is performed by combining the convolution‐type representation for the acoustic wavefield with solving the two‐way acoustic wave‐equation in the frequency–space domain for the target area. We evaluate the effectiveness of our inversion method by comparing it with the full‐domain full‐waveform inversion process through some numerical examples using synthetic data from a horizontal well acquisition geometry, where the sources are located at the surface and the receivers are located along a horizontal well at the target level. Our proposed inversion method requires less computational effort and, for this particular acquisition, it has proven to provide more accurate estimates of the target zone below a complex overburden compared to both full‐domain full‐waveform inversion process and local full‐waveform inversion after applying interferometry by multidimensional deconvolution to get local‐impulse responses.