Soil moisture feedbacks that initiate, enhance, or suppress convection initiation and precipitation are important components of regional hydroclimatology. However, soil moisture feedbacks and the processes through which they operate are notoriously challenging to observe and study outside of model environments. In this study, we combine a climatological assessment of event frequency‐based measurements of soil moisture‐precipitation coupling in the central United States with a process‐based analysis of the mechanisms by which wet‐ and dry‐soil feedbacks may operate in the region. We use the Thunderstorm Observation by Radar algorithm to identify the location of convection initiation, circumventing the issue of using precipitation accumulation as a proxy for convection initiation. Results show substantial spatial variability in the climatological sign and strength of soil moisture‐precipitation coupling in the central United States, including regions that exhibit signs of both wet‐ and dry‐soil feedbacks. Within the regions with the strongest feedback signals, we find consistently strong coupling between soil moisture and the partitioning of surface heat flux, and strong coupling between surface heat flux—particularly sensible heat flux—and diurnal change in planetary boundary layer height. In all three regions assessed, the process‐based metrics confirmed the potential of wet‐ and/or dry‐soil feedbacks leading to convection initiation.