The Global Navigation Satellite System (GNSS) has become instrumental in developing drought indices, particularly meteorological drought indicators derived from atmospheric precipitable water vapor and hydrological drought indicators based on inverted terrestrial water storage changes. However, these indices traditionally focus on individual aspects of droughts, either meteorological or hydrological droughts, and do not fully capture the integrated nature of drought phenomena. Addressing this gap, this study proposes a novel integrated drought characterization framework using the Gringorten plotting position to derive joint probabilities for GNSS-derived meteorological and hydrological drought indicators. This leads to the creation of a comprehensive multivariate drought severity index (GNSS-MDSI). The analysis across the western United States indicates significant spatial variability in multiyear average precipitation efficiency, ranging from 7.51% to 28.1%. This variability corresponds with marked differences in seasonal terrestrial water storage changes, which oscillate between 25 and 123 mm. Applying this framework in eight states, 9–13 comprehensive drought events from January 2006 to December 2021, with durations spanning from 3 to 54 months, were identified. The GNSS-MDSI not only captured these comprehensive drought periods across various temporal and spatial scales but also aligned closely with drought classifications provided by the US Drought Monitor. These results underscore the utility of this framework in providing a more nuanced and multifaceted perspective on drought conditions, surpassing the capabilities of single-indicator systems. Overall, this study presents an innovative framework for drought monitoring by integrating two GNSS-derived drought indicators, enabling precise and comprehensive delineation of drought characteristics, and offering a geodesy-based solution for integrated global and regional drought monitoring.