As a key driver of global climate variability, El Niño–Southern Oscillation (ENSO) significantly impacts the regional hydrological cycle. Similar to the recognized ENSO monitoring index (i.e., sea surface temperature anomaly), a potential advancement in the usage of sea level anomaly (SLA) in the equatorial Pacific is expected to enhance our knowledge of ENSO and its influence on regional terrestrial hydroclimatic conditions (THCs). In this study, we employed wavelet coherence and multi-channel singular spectral analysis to investigate the ability of satellite altimetry-based SLA, and its two major components (i.e., steric SLA (SSL) and non-steric SLA (NSSL)) averaged over Niño 3.4 region, to identify ENSO-related signals. Subsequently, we explored their spatial association with THCs at interannual scales in China using a cross-correlation method. We found that the time series of sea surface temperature anomaly index (SSTaI), SLA index (SLAI), and SSL index (SSLI) displayed high consistency. SSTaI was found to present higher correlations to SLAI (0.91) and SSLI (0.88), compared to NSSL index (NSSLI; 0.40). Furthermore, the high (low) wavelet coherence and in-phase (orthogonal) relationship between SSTaI and SLAI/SSLI (NSSLI) was also revealed. This indicated that SLAI and SSLI may be good complementary indices to SSTaI in observing ENSO-related signals. Similar to the temporal association of SSTaI and SLAI/SSLI, their spatial correlation pattern with THCs also displayed consistency. The time lag characterizing the relationship between SSTaI/SLAI/SSLI and THCs was also consistent, despite some regional differences. In summary, our results indicated that the combined analyses of the time lag determined between SSTaI/SLAI/SSLI and THCs can eventually complement the time lag analysis based solely on SSTaI. This, in turn, provides a more comprehensive understanding of ENSO’s influence on THCs in China.