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Abstract Drought risk assessment plays a crucial role in effective drought management. However, it is often challenging due to the intricate relationships among various indicators and the lack of practical guidance. This study presents a drought risk assessment model developed using the Semi‐partial Quadratic Subtraction Set Pair Potential (SQSSPP) method, which is derived from the theory of set pair analysis. The indicator system comprises 21 indicators divided into four subsystems. The SQSSPP method utilizes uncertainty information in the overall development trend of regional drought risk states by extracting connection numbers from the Subtraction Set Pair Potential (SSPP), improving the reliability of evaluation results. The SQSSPP method is validated through a case study of Suzhou City, China, from 2007 to 2017. Three grades are used to evaluate comprehensive drought risk. The result shows an overall decreasing trend over time, with a level III risk in 2010 and consistently at level II from 2011 to 2017. Indicators in the hazard and resilience subsystems are the primary factors influencing drought risk in the Suzhou City. Specific indicators requiring emphasis for improvement are identified, including arable land rate, agricultural population ratio, reservoir regulation rate, current water supply capacity, and irrigation index. The SQSSPP method not only provides targeted drought risk assessment but also provides valuable guidance for future water resource management. While the study focuses on Suzhou City, the proposed approach is applicable to broader‐scale risk management evaluations and practices.