The vegetation indices derived from spectral reflectance have served as an indicator of vegetation’s biophysical and biochemical parameters. Some of these indices are capable of characterizing more than one parameter at a time. This study examines the feasibility of retrieving several spectral vegetation indices from a single index under the assumption that all these indices are correlated with water content. The models used are based on a linear regression adjusted with least squares. The spectral signatures of Eucalyptus globulus and Pinus radiata, which constitute 97.5% of the forest plantation in Valparaiso region in Chile, have been used to test and validate the proposed approach. The linear models were fitted with an independent data set from which their performance was assessed. The results suggest that from the Leaf Water Index, other spectral indices can be recovered with a root mean square error up to 0.02, a bias of 1.12%, and a coefficient of determination of 0.77. The latter encourages using a sensor with discrete wavelengths instead of a continuum spectrum to estimate the forestry’s essential parameters.