The potential for polycyclic aromatic hydrocarbon (PAH)‐related effects in benthic organisms is commonly estimated from organic carbon‐normalized sediment concentrations based on equilibrium partitioning (EqP). Although this approach is useful for screening purposes, it may overestimate PAH bioavailability by orders of magnitude in some sediments, leading to inflated exposure estimates and potentially unnecessary remediation costs. Recently, passive samplers have been shown to provide an accurate assessment of the freely dissolved concentrations of PAHs, and thus their bioavailability and possible biological effects, in sediment porewater and overlying surface water. We used polyethylene passive sampling devices (PEDs) to measure freely dissolved porewater and water column PAH concentrations at 55 Great Lakes (USA/Canada) tributary locations. The potential for PAH‐related biological effects using PED concentrations were estimated with multiple approaches by applying EqP, water quality guidelines, and pathway‐based biological activity based on in vitro bioassay results from ToxCast. Results based on the PED‐based exposure estimates were compared with EqP‐derived exposure estimates for concurrently collected sediment samples. The results indicate a potential overestimation of bioavailable PAH concentrations by up to 960‐fold using the EqP‐based method compared with measurements using PEDs. Even so, PED‐based exposure estimates indicate a high potential for PAH‐related biological effects at 14 locations. Our findings provide an updated, weight‐of‐evidence–based site prioritization to help guide possible future monitoring and mitigation efforts. Environ Toxicol Chem 2024;43:1509–1523. © 2024 The Authors. Environmental Toxicology and Chemistry published by Wiley Periodicals LLC on behalf of SETAC.