Cowpea (Vigna unguiculata (L.) Walp.) is a vital legume crop recognized for its nutritional value and adaptability to various growing conditions. However, exposure of cowpea to drought stress during the early growth stages can significantly restrict growth and yield potential. Therefore, identifying cowpea genotypes tolerant to drought during early growth and development is essential for maintaining yield potential. This study characterized 15 diverse cowpea genotypes for various physiological, pigment, and morphological traits that may contribute to drought tolerance. At the V2 stage, the cowpea genotypes were subjected to two moisture regimes: control (100% irrigation) and drought (50% irrigation) for 22 days to assess trait responses and their relationship to drought tolerance. Drought-stressed plants decreased stomatal conductance by 79%, negatively correlating with a 2.9 °C increase in canopy temperature. Under drought, the photochemical reflectance index (PRI) was strongly associated with the quantum yield of PSII and electron transport rate. Shoot biomass decreased by 51% and root biomass by 32% under drought. Leaf area and shoot weight were correlated with root traits such as total length, surface area, and weight. Among all genotypes, 280785-11 and UCR 1004 demonstrated superior rooting vigor under drought, emphasizing their efficiency in resource utilization. These findings highlight the relevance of utilizing drought-adaptive traits to improve early-season drought tolerance.