Water-use efficiency (WUE) is a critical variable describing the interrelationship between carbon uptake and water loss in land ecosystems. Different WUE formulations (WUEs) including intrinsic water use efficiency (WUEi), inherent water use efficiency (IWUE), and underlying water use efficiency (uWUE) have been proposed. Based on continuous measurements of carbon and water fluxes and solar-induced chlorophyll fluorescence (SIF) at a temperate forest, we analyze the correlations between SIF emission and the different WUEs at the canopy level by using linear regression (LR) and Gaussian processes regression (GPR) models. Overall, we find that SIF emission has a good potential to estimate IWUE and uWUE, especially when a combination of different SIF bands and a GPR model is used. At an hourly time step, canopy-level SIF emission can explain as high as 65% and 61% of the variances in IWUE and uWUE. Specifically, we find that (1) a daily time step by averaging hourly values during daytime can enhance the SIF-IWUE correlations, (2) the SIF-IWUE correlations decrease when photosynthetically active radiation and air temperature exceed their optimal biological thresholds, (3) a low Leaf Area Index (LAI) has a negative effect on the SIF-IWUE correlations due to large evaporation fluxes, (4) a high LAI in summer also reduces the SIF-IWUE correlations most likely due to increasing scattering and (re)absorption of the SIF signal, and (5) the observation time during the day has a strong impact on the SIF-IWUE correlations and SIF measurements in the early morning have the lowest power to estimate IWUE due to the large evaporation of dew. This study provides a new way to evaluate the stomatal regulation of plant-gas exchange without complex parameterizations.