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This paper investigates dynamic event‐triggered H∞ load frequency control for multi‐area power systems with communication delays. A novel co‐design method of trigger parameters and H∞ controller based on output feedback is proposed. Unlike routine multiplication operations, this method eliminates rank constraints on the input and output matrices, and avoids the processing of nonlinear terms related to the trigger parameters. Furthermore, under the presented dynamic event‐triggered mechanism, the threshold parameters are dynamically regulated according to the dynamic variation of the system. Therefore, the average data releasing rate can be adjusted in real time to better coordinate the use of network bandwidth resources and requirements of system dynamic performance. Specially, the usage of the infinite‐series‐based inequality and reciprocally convex combination inequality effectively reduces conservatism of the criteria. Finally, some simulations and related comparisons are carried out to demonstrate superiorities of the proposed method.