We present the first direct evidence of an in situ excitation of drift‐compressional waves driven by drift resonance with ring current protons in the magnetosphere. Compressional Pc4–5 waves with frequencies of 4–12 mHz were observed by the Arase satellite near the magnetic equator at L ∼ 6 in the evening sector on 19 November 2018. Estimated azimuthal wave numbers (m) ranged from −100 to −130. The observed frequency was consistent with that calculated using the drift‐compressional mode theory, whereas the plasma anisotropy was too small to excite the drift‐mirror mode. We discovered that the energy source of the wave was a drift resonance instability, which was generated by the negative radial gradient in a proton phase space density at 20–25 keV. This proton distribution is attributed to a temporal variation of the electric field, which formed the observed multiple‐nose structures of ring current protons. Plain Language Summary During magnetic storms and substorms, energetic ions are sporadically injected into the geospace, which distorts the stable population and velocity distributions of ions in space. At these moments, various plasma instabilities lead to ultra‐low frequency (ULF) wave excitations. The lowest‐frequency waves in the ULF range have a wavelength comparable to the size of the Earth and are typically analyzed using magnetohydrodynamic principles. This approach considers the plasma environment using macroscale parameters such as pressure and density. In this paper, we report a spacecraft observation of a broadband compressional ULF wave that cannot be interpreted using magnetohydrodynamics. Such waves have rarely been reported and analyzed; however, their interaction with energetic ions is important to understand magnetospheric energy dynamics. The plasma conditions were described using the kinetic theory, which involves particle velocity distributions. We observed that a drift resonance occurred between the energetic protons and waves, while the gradient instability condition was satisfied for a part of time. Therefore, we concluded that the wave was in a drift‐compressional mode excited through drift resonance and gradient instability. The interpretation of compressional waves via satellite observations of energetic ions has been receiving increasing attention to understand their excitation mechanism. Key Points Pc4–5 compressional ultra‐low frequency waves with an azimuthal wave number of −130 were observed in the nose structure on duskside Theoretically predicted values of drift‐compressional mode frequency match the observed wave frequency Both radial ion temperature gradient and drift resonance of 20–25 keV protons serve as energy sources of the wave