The Yellowstone Plateau Volcanic Field, which hosts over 10,000 thermal features, is the world's largest active continental hydrothermal system, yet very little is known about the shallow “plumbing” system connecting hydrothermal reservoirs to surface features. Here we present the results of geophysical investigations of shallow hydrothermal degassing in Yellowstone. We measured electrical resistivity, compressional‐wave velocity from refraction data, and shear wave velocity from surface‐wave analysis to image shallow hydrothermal degassing to depths of 15–30 m. We find that resistivity helps identify fluid pathways and that Poisson's ratio shows good sensitivity to saturation variations, highlighting gas‐saturated areas and the local water table. Porosity and saturation predicted from rock physics modeling provide critical insight to estimate the fluid phase separation depth and understand the structure of hydrothermal systems. Finally, our results show that Poisson's ratio can effectively discriminate gas‐ from water‐saturated zones in hydrothermal systems.