Plant species of concern often occupy narrow habitat ranges, making climate change an outsized potential threat to their conservation and restoration. Understanding the physiological status of a species during stress has the potential to elucidate current risk and provide an outlook on population maintenance. However, the physiological status of a plant can be difficult to interpret without a reference point, such as the capacity to tolerate stress before loss of function, or mortality. We address the application of plant physiology to conservation biology by distinguishing between two physiological approaches that together determine plant status in relation to environmental conditions and evaluate the capacity to avoid stress-induced loss of function. Plant physiological status indices, such as instantaneous rates of photosynthetic gas exchange, describe the level of physiological activity in the plant and are indicative of physiological health. When such measurements are combined with a reference point that reflects the maximum value or environmental limits of a parameter, such as the temperature at which photosynthesis begins to decline due to high temperature stress, we can better diagnose the proximity to potentially damaging thresholds. Here, we review a collection of useful plant status and reference point measurements related to photosynthesis, water relations and mineral nutrition, which can contribute to plant conservation physiology. We propose that these measurements can serve as important additional information to more commonly used phenological and morphological parameters, as the proposed parameters will reveal early warning signals before they are visible. We discuss their implications in the context of changing temperature, water and nutrient supply.