The velocity pulse in near‐fault ground motions has been used as a key characteristic of damaging ground motions. Characterization of the velocity pulse involves three parameters: presence of the pulse, period of the pulse, and amplitude of the pulse. The basic concept behind the velocity pulse is that a large amount of seismic energy is packed into a short time, leading to larger demands on the structure. An intensity measure for near‐fault ground motions, which is a direct measure of the amount of energy arriving in short time, called instantaneous power (IP ()), is defined as the maximum power of the bandpass‐filtered velocity time series measured over a time interval of , in which is the fundamental period of the structure. The records are bandpass filtered in the period band () to remove the frequencies that are not expected to excite the structure. Zengin and Abrahamson (2020) showed that the drift is better correlated with the IP () than with the velocity pulse parameters for records scaled to the same spectral acceleration at . A conditional ground‐motion model (GMM) for the is developed based on the 5%‐damped spectral acceleration at , the earthquake magnitude, and the rupture distance. This conditional GMM can be used for record selection for near‐fault ground motions that captures the key features of velocity pulses and can lead to a better representation of the median and variability of the maximum interstory drift. The conditional GMM can also be used in a vector hazard analysis for spectral acceleration () and IP () that can be used for more accurate estimation of drift hazard and seismic risk.