Simultaneous indirect assessment of multiple and diverse plant parameters in an exact and expeditious manner is becoming imperative in irrigated arid regions, with a view toward creating drought-tolerant genotypes or for the management of precision irrigation. This study aimed to evaluate whether spectral reflectance indices (SRIs) in three parts of the electromagnetic spectrum ((visible-infrared (VIS), near-infrared (NIR)), and shortwave-infrared (SWIR)) could be used to track changes in morphophysiological parameters of wheat cultivars exposed to 1.00, 0.75, and 0.50 of the estimated evapotranspiration (ETc). Significant differences were found in the parameters of growth and photosynthetic efficiency, and canopy spectral reflectance among the three cultivars subjected to different irrigation rates. All parameters were highly and significantly correlated with each other particularly under the 0.50 ETc treatment. The VIS/VIS- and NIR/VIS-based indices were sufficient and suitable for assessing the growth and photosynthetic properties of wheat cultivars similar to those indices based on NIR/NIR, SWIR/NIR, or SWIR/SWIR. Almost all tested SRIs proved to assess growth and photosynthetic parameters, including transpiration rate, more efficiently when regressions were analyzed for each water irrigation rate individually. This study, the type of which has rarely been conducted in irrigated arid regions, indicates that spectral reflectance data can be used as a rapid and non-destructive alternative method for assessment of the growth and photosynthetic efficiency of wheat under a range of water irrigation rates.