In‐situ observations of hydrodynamics and suspended sediment concentrations (SSCs) were conducted on an abandoned lobe in the northern part of the modern Yellow River Delta, China. The SSC record at the site is found to be the superposition of a general trend (fast increase and slow decrease cycle) caused by storm waves (SubSSC1) and relatively smaller fluctuations caused by tidal currents (SubSSC2). Physically, this indicates that storm waves eroded the bottom sediments while tidal currents then re‐suspended and advected the suspended sediments in the study area. To further obtain the suspended sediment transport parameters, first, SubSSC1 is modeled with significant wave height which incorporates a “memory curve” to consider the remaining impacts of historical waves. It is detected that waves in the past 75 hr still influence the present SSC which is reasonable because 75 hr is roughly the typical duration of a normal storm. Second, SubSSC2 is modeled with tidal excursion and trigonometric functions with measured periodicities. Finally, some sediment transport parameters, for example, the background SSC, the horizontal SSC gradient, the tidal constituents that advect it, and their relative time lags are optimized from the best fits of the measured and modeled SSC time series. The proposed framework for model construction and parameter optimization can be extended to other sea areas for inferring sediment transport parameters from field SSC time series at a specific station.