A single isolated saturated‐absorption feature in127I2using the optically pumped 546.1‐nm Hg laser has been observed with low (∼6 MHz) resolution. The3S1→3P2Hg laser transition can be centered exactly on this feature by varying the N2buffer gas pressure using the measured pressure tuning rate of −9.4 MHz/Torr. This may provide an attractive laser system for absolute wavelength stabilization.