Observations are made which show that the underwater ambient noise spectrum generated by rain has a unique spectral shape which can be distinguished from other noise sources. Furthermore, the relationship between spectral level and rainfall is quantifiable. The spectral shape is dominated by a broad peak at 15 kHz, but also depends on the drop size distribution in the rain. A numerical study of the acoustic physics of a drop splash is used to explain the observed spectra. There are two contributions to underwater sound from the impact. The first contribution is from an initial acoustic water hammer pulse. The magnitude of this pulse depends on drop size, shape, and impact velocity. The contribution to the underwater sound spectrum is white and is very large for large drops. The second contribution occurs because at impact the incompressible continuity equation is not satisfied. Once this equation is satisfied, the splash is no longer an acoustic source. Numerically, the time required to closely satisfy this equation is roughly constant for all drop sizes at their terminal velocity. This time interval causes a low‐frequency rolloff at roughly 15 kHz in the sound spectrum.