Transitioning from full to deficit irrigation (DI) has become a key strategy in arid regions to combat water scarcity and enhance irrigation water use efficiency (IWUE). However, implementing DI requires additional approaches to counter its negative effects on wheat production. One effective approach is the foliar application of salicylic acid (SA), micronutrients (Mic; zinc and manganese), and macronutrients (Mac; nitrogen, phosphorus, and potassium). However, there is a lack of knowledge on the optimal combinations and timing of foliar application for these components to maximize their benefits under arid conditions, which is the primary focus of this study. A two-year field study was conducted to assess the impact of the foliar application of SA alone and in combination with Mic (SA + Mic) or Mic and Mac (SA + Mic + Mac) at various critical growth stages on wheat growth, physiology, productivity, and IWUE under DI conditions. Our result demonstrated that the foliar application of different components, the timing of application, and their interaction had significant effects on all investigated wheat parameters with few exceptions. Applying different components through foliar application at multiple growth stages, such as tillering and heading or tillering, heading, and grain filling, led to significant enhancements in various wheat parameters. The improvements ranged from 7.7% to 23.2% for growth parameters, 8.7% to 24.0% for physiological traits, 1.4% to 21.0% for yield and yield components, and 14.8% to 19.0% for IWUE compared to applying the components only at the tillering stage. Plants treated with different components (SA, Mic, Mac) exhibited enhanced growth, production, and IWUE in wheat compared to untreated plants. The most effective treatment was SA + Mic, followed by SA alone and SA + Mic + Mac. The foliar application of SA, SA + Mic, and SA + Mic + Mac improved growth parameters by 1.2–50.8%, 2.7–54.6%, and 2.5–43.9%, respectively. Yield parameters were also enhanced by 1.3–33.0%, 2.4–37.2%, and 3.0–26.6% while IWUE increased by 28.6%, 33.0%, and 18.5% compared to untreated plants. A heatmap analysis revealed that the foliar application of SA + Mic at multiple growth stages resulted in the highest values for all parameters, followed by SA alone and SA + Mic + Mac applications at multiple growth stages. The lowest values were observed in untreated plants and with the foliar application of different components only at the tillering stage. Thus, this study suggested that the foliar application of SA + Mic at various growth stages can help sustain wheat production in arid regions with limited water resources.