Coronavirus disease 2019 (COVID‐19), caused by severe acute respiratory syndrome coronavirus 2 (SARS‐CoV‐2), continues to be a world‐wide pandemic with overwhelming socioeconomic impact. Since inflammation is one of the major causes of COVID‐19 complications, the associated molecular mechanisms have been the focus of many studies to better understand this disease and develop improved treatments for patients contracting SARS‐CoV‐2. Among these, strong emphasis has been placed on pro‐inflammatory cytokines, associating severity of COVID‐19 with so‐called “cytokine storm.” More recently, peptide bradykinin, its dysregulated signaling or “bradykinin storm,” has emerged as a primary mechanism to explain COVID‐19‐related complications. Unfortunately, this important development may not fully capture the main molecular players that underlie the disease severity. To this end, in this focused review, several lines of evidence are provided to suggest that in addition to bradykinin, two closely related vasoactive peptides, substance P and neurotensin, are also likely to drive microvascular permeability and inflammation, and be responsible for development of COVID‐19 pathology. Furthermore, based on published experimental observations, it is postulated that in addition to ACE and neprilysin, peptidase neurolysin (Nln) is also likely to contribute to accumulation of bradykinin, substance P and neurotensin, and progression of the disease. In conclusion, it is proposed that “vasoactive peptide storm” may underlie severity of COVID‐19 and that simultaneous inhibition of all three peptidergic systems could be therapeutically more advantageous rather than modulation of any single mechanism alone.