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Abstract Disturbances in ionospheric Total Electron Content (dTEC) with frequencies of 1–100 mHz can be driven from above by processes in the magnetosphere and below by processes on the Earth's surface and lower atmosphere. Past studies showed the potential of dTEC as a diagnostic of magnetospheric Ultra Low Frequency (ULF) wave activity and demonstrated that ULF dTEC can impact space weather by, for example, changing ionospheric conductance. However, most past work has focused on single event studies, lacked magnetospheric context, or used sampling rates too low to capture most ULF waves. Here, we perform a statistical study using Time History of Events and Macrsoscale Interactions during Substorms (THEMIS) satellite conjunctions with a ground‐based magnetometer and Global Navigation Satellite System (GNSS) receiver at 65° magnetic latitude. We find that magnetospheric ULF waves generate dTEC variations across the broad range of frequencies examined in this study (2–50 mHz), and that ULF dTEC wave power is correlated with Kp, AE, solar wind speed, and magnetic field wave power observed in the magnetosphere and on the ground. We further find that magnetospheric ULF waves generate dTEC amplitudes up to TECU ( background), with the largest amplitudes occurring during geomagnetically active conditions, at frequencies below 7 mHz, and at local times near midnight. We finally discuss the implications of our results for magnetosphere‐ionosphere coupling and remote sensing techniques related to ULF waves.