Liquid steel atomization using close‐coupled nozzles is highly dependent on the relationship between momentum flux ratio, gas–liquid ratio, aspiration pressure, and operating pressure of inert gases. A strong correlation between these parameters and the final powder must be assumed. Understanding these parameters, their influence on the process, and their interactions with each other is indispensable for efficient powder production. In particular, the industrial application of close‐coupled atomization nozzles, which develop a thin pre‐film on the nozzle tip, is not yet fully understood. A model experiment is presented to investigate interactions between the flow conditions of the gaseous and liquid phases, focusing on recirculation phenomena inside the atomization zone. The experiments show the influence of liquid and gas flow conditions on the spray geometry and the liquid core length, as well as the strong dependence of the liquid mass flux on the gas flow. The aspiration pressure below the liquid nozzle is sensitive to gas pressure and has a major influence on the development of the liquid core and the pre‐film, as it increases the liquid mass flux. For practical application, the results confirm an optimal operating point of interacting system parameters, which leads to high‐quality atomization with minimal use of resources.