Photoluminescence (PL) spectroscopy has proven to provide deep insights into the optoelectronic properties of monolayer . Herein, a corresponding study is conducted on the excitonic properties of mechanically exfoliated monolayer under multivariate physical and chemical stimuli. Specifically, midgap exciton states that originate from lattice defects are characterized and they are compared to existing models. Through statistical data analyses of substrate‐, temperature‐, and laser‐power‐dependent measurements, a PL enhancement is revealed through physisorption of water molecules of the controversially discussed excited‐state A biexciton (). In addition, analyses of monolayer on gold substrates show that surface roughness does not account for changes in doping level within the material. Also, a shift in the electron–phonon coupling properties that arises from thin films of water that are physisorbed on top of the samples is reported.