The use of soft x‐ray magnetic circular dichroism in two‐dimensional (2D) element‐specific vector magnetometry is demonstrated by investigating a thin Fe(001) single‐crystal filmgrown on ZnSe(001). By measuring element‐specific magnetic hysteresis curves along directions parallel and perpendicular to an applied magnetic field, the 2D behavior of the in‐plane magnetization vector M is described as a function of the applied magnetic field. The use of this method to obtain element‐specific 3D vector magnetometry in magnetic materials that exhibit both in‐plane and out‐of‐plane magnetization is also discussed.