In humid tropical watersheds, the hydrologic flow paths taken by rain event waters and how they interact with groundwater and soil matrix water to form streamflow are poorly understood. Preferential flow paths (PFPs) confound storm infiltration processes, especially in the humid tropics where PFPs are common. This work applies germanium (Ge) and silicon (Si) as natural flow path tracers in conjunction with water stable isotopes and electrical conductivity to examine the rapid delivery of shallow soil water, the activation of PFPs, and event water partitioning in an experimental catchment in central Panama. We employed a three‐component mixing model for hydrograph separation using the following end‐member waters: (i) base flow (high [Si], low [Ge], and low Ge/Si ratio), (ii) dilute canopy throughfall (low [Si] and low [Ge]), and (iii) shallow (<15 cm) soil matrix water (low [Si], high [Ge], and high Ge/Si ratio). These three end‐members bounded all observed Ge/Si streamflow ratios. During small rain events (<∼24 mm), base flow and dilute canopy throughfall components dominated stormflow. During larger precipitation events (>∼35 mm), we detected the third shallow soil water component with an elevated [Ge] and Ge/Si ratio. This component reached its maximum during the hydrograph's receding limb coincident with the maximum event fraction, and increased proportionally to the total storm rainfall exceeding ∼35 mm. Only shallow (<15 cm) soil matrix water exhibited elevated Ge concentrations and high Ge/Si ratios. This third component represents rapidly delivered soil matrix water combined with shallow lateral PFP activation through which event waters interact with soil minerals.