Aquaculture of the eastern oyster, Crassostrea virginica, is an expanding industry in the US, particularly in the Gulf of Maine. High resolution ocean color satellites launched in the last decade potentially provide aquaculture-relevant water-quality parameters at farm scales. However, these parameters, such as temperature, suspended particulate matter (SPM), and Chlorophyll a (Chl a), need to be derived by interested users. Water quality parameters are derived first by applying an atmospheric correction and then estimating the target parameter with a specific algorithm. Here, we use five atmospheric correction schemes and two algorithms to derive SPM and Chl a from the Sentinel 2A&B satellites’ multispectral instrument data. The best estimates of SPM and Chl a are determined by comparison with in situ observations from buoys. Together with SST from Landsat-8, we estimated an Oyster Suitability Index (OSI) along the transects in five estuaries in the Gulf of Maine as well as applied a novel particulate organic matter algorithm, a function of Chl a and SPM in low turbidity estuaries. We then apply the optimal approaches to derive water quality parameters to study five different estuaries in Maine and find that existing high-yield oyster aquaculture farms are found in areas with elevated OSI values. Additionally, we suggest new areas, currently under-exploited, where oyster aquaculture is likely to succeed, showcasing the utility of the approach.