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For field development and drilling decisions, production assets and reservoir engineers require dynamic reservoir properties, such as saturation and pressure changes of a reservoir from the pre‐production virgin state. To date, geophysicists have produced time‐lapse (4D) seismic attributes (mostly on stacked seismic data) rather than dynamic parameters directly. In this paper, we present a new method to estimate saturation and pressure properties from time‐lapse seismic data to provide to reservoir engineers. This new three‐step method is demonstrated over the Edvard Grieg field in the North Sea. We can realize this method thanks to advanced seismic multi‐component acquisition via PP and PS seismic data and processing that allows accurate estimation of amplitude‐variation‐with‐offset parameters P‐ and S‐impedances. With time‐lapse P‐ and S‐impedances optimally resolved, we estimate a stable set of axes identifying water saturation increase (water replacing oil), gas saturation increase (gas injection or gas out of solution), pressure increase (at injectors) and pressure decrease (at producers). Once these axes are obtained, we convert every 4D P‐ and S‐impedance data points into 4D pseudo‐saturation and pseudo‐pressure using a transformation of coordinates. We next use the rock physics relationships of this field to show that a linear relationship can be used to map any 4D change in the field from impedances to saturations and pressures. Key locations in the field with largest saturation and pressure changes are used to find calibration values at these extreme points. Next, from the pseudo‐seismic 4D data, a linear mapping is used to calculate actual reservoir property changes (fractions for saturation and bars for pressure). This allows us to obtain fieldwide dynamic values for water and gas saturations and injection and production related pressure changes. The results are shown, and dynamic changes are interpreted on the Edvard Grieg field data. [ABSTRACT FROM AUTHOR]