We present a new method to derive the empirical (i.e., data-based) elasticity of streamflow to precipitation and potential evaporation. This method, which uses long-term hydrometeorological records, is tested on a set of 519 French catchments. We compare a total of five different ways to compute elasticity: the reference method first proposed by Sankarasubramanian et al. (2001) and four alternatives differing in the type of regression model chosen (OLS or GLS, univariate or bivariate). We show that the bivariate GLS and OLS regressions provide the most robust solution, because they account for the co-variation of precipitation and potential evaporation anomalies. We also compare empirical elasticity estimates with theoretical estimates derived analytically from the Turc–Mezentsev formula. Empirical elasticity offers a powerful means to test the extrapolation capacity of those hydrological models that are to be used to predict the impact of climatic changes.