AbstractIn this paper we address two problems associated with data‐limited dynamic spacecraft exploration: data‐prioritization for transmission, and data‐reduction for interpretation, in the context of ESA ExoMars rover multispectral imaging. We present and explore a strategy for selecting and combining subsets of spectral channels captured from the ExoMars Panoramic Camera, and attempt to seek hematite against a background of phyllosilicates and basalts as a test case scenario, anticipated from orbital studies of the rover landing site. We compute all available dimension reductions on the material reflectance spectra afforded by 4 spectral parameter types, and consider all possible paired combinations of these. We then find the optimal linear combination of each pair whilst evaluating the resultant target‐vs.‐background separation in terms of the Fisher Ratio and classification accuracy, using Linear Discriminant Analysis. We find ∼50,000 spectral parameter combinations with a classification accuracy >95% that use 6‐or‐less filters, and that the highest accuracy score is 99.6% using 6 filters, but that an accuracy of >99% can still be achieved with 2 filters. We find that when the more computationally efficient Fisher Ratio is used to rank the combinations, the highest accuracy is 99.1% using 4 filters, and 95.1% when limited to 2 filters. These findings are applicable to the task of time‐constrained planning of multispectral observations, and to the evaluation and cross‐comparison of multispectral imaging systems at specific material discrimination tasks.