The electrochemical impedance spectroscopy (EIS) characterization technique, although widely adopted in electrochemistry for understanding operational issues and degradation, has a less consolidated physical interpretation in lithium‐ion batteries (LIBs), often relying on circuital methods. Herein, the Doyle–Fuller–Newman model is adapted and experimentally validated for the physical simulation of electrochemical impedance; then, it is applied in a comprehensive one‐factor‐at‐time sensitivity analysis on an impedance spectrum from 4 kHz to 0.005 Hz; 28 physical parameters, which represent the kinetic, resistive, diffusive, and geometric characteristics of the battery, are varied within broad literature‐based ranges of values, for each of the 20 analyzed battery states, characterized by different state‐of‐charge and temperature values. The results show a miscellaneous sensitivity of parameters on impedance spectra, which ranges from highly sensitive to negligible, often resulting in a strong dependence on operating conditions and impedance frequency. Such results consolidate the understanding of LIB electrochemical impedance and demonstrate that 40% of the parameters, 12 out of 28, can be considered poorly sensitive or insensitive parameters; therefore, fitting the experimental EIS data, their value can be assumed from the literature without significantly losing accuracy.