We examine the value of the nine‐component seismic survey by generating the Kirchhoff depth migration images of compressional wave (P‐wave), converted wave (PS‐wave) and horizontally polarized shear wave (SH shear wave) data simulated from the SEAM II Barrett unconventional model. We first utilize full waveform inversion to obtain a P‐wave velocity model from P‐wave data and an S‐wave velocity model from SH‐wave data. Both P‐wave and SH‐wave data are generated with the maximum frequency of 20 Hz while assuming that the subsurface is isotropic. To implement full waveform inversion, we use a two‐dimensional time‐domain finite‐difference method and the L2 norm to measure the data misfit. We use both refractions and reflections in P‐ and SH‐wave data to reconstruct the P‐ and S‐wave velocity models from the surface to the reservoir. The inverted P‐ and S‐wave velocities contain the main features of the model (e.g., major faults and channels) but have some difficulties in estimating high‐frequency velocity variation within the first 300‐m depth of the model due to the frequency constraint. We then use the inverted P‐ and S‐wave velocities to generate Kirchhoff depth migration gathers and images from the P‐, PS‐ and SH‐wave data. The flat P‐ and SH‐wave common‐image offset gathers suggest that SH‐ and P‐wave full waveform inversion can generate adequate S‐ and P‐wave velocities for migration. Flat PS‐wave gathers and the clear PS‐wave migration image are also obtained using the inverted P‐ and S‐wave velocities simultaneously. This result indicates that obtaining S‐wave velocities from SH‐wave data can aid PS‐wave data processing and imaging. Moreover, the SH‐wave images and S‐wave images of the radial component provide better delineation of fault planes and small‐scale geobodies within the reservoir since the wavelength of the S‐wave is smaller compared to P‐wave when similar frequency ranges are recorded. Therefore, our study shows that S‐wave velocities can be successfully constructed by the two‐dimensional full waveform inversion application of the SH‐wave data. The subsequent imaging of multicomponent seismic data improves the delineation of certain unconventional reservoirs compared to the traditional P‐wave imaging.