Concentrations of chlorophyll-a (Chl-a) and total suspended solids (TSS) are significant parameters used to assess water quality. The objective of this study is to establish a quantitative model for estimating the Chl-a and the TSS concentrations in irrigation ponds in Higashihiroshima, Japan, using field hyperspectral measurements and statistical analysis. Field experiments were conducted in six ponds and spectral readings for Chl-a and TSS were obtained from six field observations in 2014. For statistical approaches, we used two spectral indices, the ratio spectral index (RSI) and the normalized difference spectral index (NDSI), and a partial least squares (PLS) regression. The predictive abilities were compared using the coefficient of determination (R2), the root mean squared error of cross validation (RMSECV) and the residual predictive deviation (RPD). Overall, iterative stepwise elimination based on PLS (ISE–PLS), using the first derivative reflectance (FDR), showed the best predictive accuracy, for both Chl-a (R2 = 0.98, RMSECV = 6.15, RPD = 7.44) and TSS (R2 = 0.97, RMSECV = 1.91, RPD = 6.64). The important wavebands for estimating Chl-a (16.97% of all wavebands) and TSS (8.38% of all wavebands) were selected by ISE–PLS from all 501 wavebands over the 400–900 nm range. These findings suggest that ISE–PLS based on field hyperspectral measurements can be used to estimate water Chl-a and TSS concentrations in irrigation ponds.