Several studies suggest that shale sweet spots are likely associated with a low Poisson’s ratio in the shale layer. Compared with conventional geophysical techniques with active seismic data, it is straightforward and cost-effective to delineate the distribution of 3D Poisson’s ratios using microseismic data. In this study, an alternating method is proposed to determine microseismic event locations, 3D P-wave velocity, and Poisson’s ratio models with data recorded from downhole monitoring arrays. The method combines the improved 3D traveltime tomography, which inverts P and S arrivals for 3D P-wave velocity and Poisson’s ratio structures simultaneously, and a 3D grid search approach for event locations in an iterative fashion. The traveltime tomography directly inverts the Poisson’s ratio structure instead of calculating the Poisson’s ratios from P- and S-wave velocities (i.e., Vp and Vs) that are inverted by conventional traveltime tomography separately. The synthetic results and analysis suggest that the proposed method recovers the true Poisson’s ratio model reasonably. Additionally, we apply the method to a field dataset, which indicates that it may help delineate the reservoir structure and identify potential shale sweet spots.