Recent observations of low‐frequency earthquakes (LFEs) and tectonic tremor along the Parkfield–Cholame segment of the San Andreas fault suggest slow‐slip earthquakes occur in a transition zone between the shallow fault, which accommodates slip by a combination of aseismic creep and earthquakes (<15  km depth), and the deep fault, which accommodates slip by stable sliding (>35  km depth). However, the spatial relationship between shallow earthquakes and LFEs remains unclear. Here, we present precise relocations of 34 earthquakes and 34 LFEs recorded during a temporary deployment of 13 broadband seismic stations from May 2010 to July 2011. We use the temporary array waveform data, along with data from permanent seismic stations and a new high‐resolution 3D velocity model, to illuminate the fine‐scale details of the seismicity distribution near Cholame and the relation to the distribution of LFEs. The depth of the boundary between earthquakes and LFE hypocenters changes along strike and roughly follows the 350°C isotherm, suggesting frictional behavior may be, in part, thermally controlled. We observe no overlap in the depth of earthquakes and LFEs, with an ∼5  km separation between the deepest earthquakes and shallowest LFEs. In addition, clustering in the relocated seismicity near the 2004 M_w 6.0 Parkfield earthquake hypocenter and near the northern boundary of the 1857 M_w 7.8 Fort Tejon rupture may highlight areas of frictional heterogeneities on the fault where earthquakes tend to nucleate.