This study explored the potential of optical and thermal satellite imagery to monitor temporal and spatial changes in the position of the water table depth (WTD) in the peat layer of northern bogs. We evaluated three different trapezoid models that are proposed in the literature for soil moisture monitoring in regions with mineral soils. Due to the tight capillary connection between water table and surface soil moisture, we hypothesized that the soil moisture indices retrieved from these models would be correlated with WTD measured in situ. Two trapezoid models were based on optical and thermal imagery, also known as Thermal-Optical TRApezoid Models (TOTRAM), and one was based on optical imagery alone, also known as the OPtical TRApezoid Model (OPTRAM). The models were applied to Landsat imagery from 2008 to 2019 and the derived soil moisture indices were compared with in-situ WTD from eight locations in two Estonian bogs. Our results show that only the OPTRAM index was significantly (p-value < 0.05) correlated in time with WTD (average Pearson correlation coefficient of 0.41 and 0.37, for original and anomaly time series, respectively), while the two tested TOTRAM indices were not. The highest temporal correlation coefficients (up to 0.8) were observed for OPTRAM over treeless parts of the bogs. An assessment of the spatial correlation between soil moisture indices and WTD indicated that all three models did not capture the spatial variation in water table depth. Instead, the spatial patterns of the indices were primarily attributable to vegetation patterns.