The silylium‐like surface species [iPr3Si][(RFO)3Al−OSi≡)] activates (N^N)Pd(CH3)Cl (N^N=Ar−N=CMeMeC=N−Ar, Ar=2,6‐bis(diphenylmethyl)‐4‐methylbenzene) by chloride ion abstraction to form [(N^N)Pd−CH3][(RFO)3Al−OSi≡)] (1). A combination of FTIR, solid‐state NMR spectroscopy, and reactions with CO or vinyl chloride establish that 1 shows similar reactivity patterns as (N^N)Pd(CH3)Cl activated with Na[B(ArF)4]. Multinuclear 13C{27Al} RESPDOR and 1H{19F} S‐REDOR experiments are consistent with a weakly coordinated ion‐pair between (N^N)Pd−CH3+ and [(RFO)3Al−OSi≡)]. 1 catalyzes the polymerization of ethylene with similar activities as [(N^N)Pd−CH3]+ in solution and incorporates up to 0.4 % methyl acrylate in copolymerization reactions. 1 produces polymers with significantly higher molecular weight than the solution catalyst, and generates the highest molecular weight polymers currently reported in copolymerization reactions of ethylene and methylacrylate.