Constitutive models developed to predict Shape Memory Alloys (SMA) behavior are often based on a simplified phenomenological description of martensite variant activation under thermomechanical loading at the micro scale. This study aims at modeling and characterizing by nanoindentation the discrete variant activation events at the nanoscale. A new criterion is proposed to describe martensite variant activation beneath the indenter. Evidence of discrete martensitic transformation is observed during nanoindentation by the successive occurrences of pop-in and pop-out load events on the force versus displacement curve during respectively loading and unloading. Thus, the spatial-temporal discontinuity of phase transformation activation and propagation is highlighted at the nanoscale with the introduction of an indentation Patel–Cohen factor for both forward austenite–martensite and reverse phase transformations. Dislocation emission in pure nickel is first studied to validate both the nanoindentation testing procedure using a Berkovich indenter and the calculations of indentation Schmid factors to describe excursion bursts corresponding to dislocation activation and propagation. Good agreement is found between nanoindentation tests performed on a superelastic CuAlBe SMA and theoretical crystallographic dependence of pop-in and pop-out loads predicted by the new introduced indentation Patel and Cohen factor.