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The rare earth elements (REEs) are critical resources for many clean energy technologies, but are difficult to obtain in their elementally pure forms because of their nearly identical chemical properties. Here, an analogue of macropa, G‐macropa, was synthesized and employed for an aqueous precipitation‐based separation of Nd3+ and Dy3+. G‐macropa maintains the same thermodynamic preference for the large REEs as macropa, but shows smaller thermodynamic stability constants. Molecular dynamics studies demonstrate that the binding affinity differences of these chelators for Nd3+ and Dy3+ is a consequence of the presence or absence of an inner‐sphere water molecule, which alters the donor strength of the macrocyclic ethers. Leveraging the small REE affinity of G‐macropa, we demonstrate that within aqueous solutions of Nd3+, Dy3+, and G‐macropa, the addition of HCO3− selectively precipitates Dy2(CO3)3, leaving the Nd3+−G‐macropa complex in solution. With this method, remarkably high separation factors of 841 and 741 are achieved for 50 : 50 and 75 : 25 mixtures. Further studies involving Nd3+:Dy3+ ratios of 95 : 5 in authentic magnet waste also afford an efficient separation as well. Lastly, G‐macropa is recovered via crystallization with HCl and used for subsequent extractions, demonstrating its good recyclability. [ABSTRACT FROM AUTHOR]