Just as the transversely isotropic model with a vertical symmetry axis (VTI media) is typical for describing horizontally layered sediments, transverse isotropy with a tilted symmetry axis (TTI) describes dipping TI layers (such as tilted shale beds near salt domes) or crack systems. P-wave kinematic signatures in TTI media are controlled by the velocity [Formula: see text] in the symmetry direction, Thomsen’s anisotropic coefficients ε and δ, and the orientation (tilt ν and azimuth β) of the symmetry axis. Here, we show that all five parameters can be obtained from azimuthally varying P-wave NMO velocities measured for two reflectors with different dips and/or azimuths (one of the reflectors can be horizontal). The shear‐wave velocity [Formula: see text] in the symmetry direction, which has negligible influence on P-wave kinematic signatures, can be found only from the moveout of shear waves. Using the exact NMO equation, we examine the propagation of errors in observed moveout velocities into estimated values of the anisotropic parameters and establish the necessary conditions for a stable inversion procedure. Since the azimuthal variation of the NMO velocity is elliptical, each reflection event provides us with up to three constraints on the model parameters. Generally, the five parameters responsible for P-wave velocity can be obtained from two P-wave NMO ellipses, but the feasibility of the moveout inversion strongly depends on the tilt ν. If the symmetry axis is close to vertical (small ν), the P-wave NMO ellipse is largely governed by the NMO velocity from a horizontal reflector Vnmo(0) and the anellipticity coefficient η. Although for mild tilts the medium parameters cannot be determined separately, the NMO-velocity inversion provides enough information for building TTI models suitable for time processing (NMO, DMO, time migration). If the tilt of the symmetry axis exceeds 30°–40° (e.g., the symmetry axis can be horizontal), it is possible to find all P-wave kinematic parameters and construct the anisotropic model in depth. Another condition required for a stable parameter estimate is that the medium be sufficiently different from elliptical (i.e., ε cannot be close to δ). This limitation, however, can be overcome by including the SV-wave NMO ellipse from a horizontal reflector in the inversion procedure. While most of the analysis is carried out for a single layer, we also extend the inversion algorithm to vertically heterogeneous TTI media above a dipping reflector using the generalized Dix equation. A synthetic example for a strongly anisotropic, stratified TTI medium demonstrates a high accuracy of the inversion (subject to the above limitations).