Nitrogen and phosphorus in wetland soils are important limiting nutrients for plant growth, maximum photosynthetic rate and capacity, and net primary productivity. They have been found to be significantly involved in the estuarine eutrophication and environmental purification of wetland ecosystem. The research may be focused on distributing and changing characteristics of nitrogen and phosphorus in wetland soils. It is important for the evaluation, restoration, and management of wetland ecosystems. Our study area is located in the Panjin wetland (40°45'-41°10'N, 121°45'-122°00'E), which is a part of the Shuangtaihekou National Nature Reserve Administration. Panjin wetland is the largest coastal reed wetland situated in the high-latitude areas of China. The laboratory measurements of total nitrogen, total phosphorus, and spectral reflectance for surface soil samples had been conducted. Different modeling methods, such as bootstrap stepwise multiple linear regression (SMLR), bootstrap partial least square regression (PLSR), and spectral transformation techniques, such as continuum removal (CR), first difference derivative (FD), and log transformed spectra (LR), were used to develop the estimation models of total nitrogen and total phosphorous in wetland soils. Based on the simulated hyperspectral Hyperion data and multispectral Thematic Mapper (TM) data of the wetland soils, soil nitrogen and phosphorous contents were estimated, respectively. Subsequently, the estimated accuracies of the developed models were compared, and thus, the ability and suitability of estimating nitrogen and phosphorous components in wetland soils using hyperspectral technologies were explored. The results indicated that bootstrap PLSR achieved higher accuracies of estimating the total nitrogen and total phosphorous content of wetland soils in the study area than did bootstrap SMLR. The spectral transformed technique of CR used in combination with the modeling method of bootstrap PLSR yielded the highest estimation accuracy for the prediction of the total nitrogen content of soils collected from Panjin wetland. The original spectral data combined with bootstrap PLSR produced the highest estimation accuracy to predict the total phosphorous content in wetland soils. Simulated hyperspectral Hyperion data attained higher accuracies of estimating total nitrogen and total phosphorous in wetland soils compared to simulated multispectral TM data. The estimation accuracies of the simulated Hyperion were closer to those of the measured spectra. The estimation accuracy of the total nitrogen content achieved from the measured spectra, simulated hyperspectral Hyperion, and multispectral TM were all higher than those of the total phosphorous content of the same soils.