Foliar feeding has been confirmed to be the fastest way of dealing with nutrient deficiencies and increasing the yield and quality of crop products. The synthesis of chlorophyll and photosynthesis are directly related to magnesium (Mg), which operates in the improvement of plant tissues and enhances the appearance of plants. This study aimed to analyze the correlation between two biophysical variables, including the leaf area index (LAI), the fraction of absorbed photosynthetically active radiation (FAPAR), and seven spectral vegetation indices. The spectral indices under investigation were Atmospherically Resistant Vegetation Index (ARVI), Normalized Difference Vegetation Index (NDVI), Soil Adjusted Vegetation Index (SAVI), Disease–Water Stress Index (DSWI), Modified Chlorophyll Absorption Ratio Index (MCARI), the Red-Edge Inflection Point Index (REIP), and Pigment-Specific Simple Ratio (PSSRa). These indices were derived from Sentinel-2 data to investigate the impact of applying foliar applications of Mg from various sources in the production of green-onion crops. The biophysical variables were derived using field measurements and Sentinel-2 data under the effects of different sources of Mg foliar sprays. The correlation coefficient between field-measured LAI and remotely sensed, calculated LAI was 0.72 in two seasons. Concerning FAPAR, it was found that the correlation between remotely sensed calculated FAPAR and field-measured FAPAR was 0.66 in the first season and 0.89 in the second season. The magnesium oxide nanoparticle (nMgO) treatments resulted in significantly higher yields than the different treatments of foliar applications. The LAI and FAPAR variables showed a positive correlation with yield in the first season (October) and in the second season (March). Yield in treatment by nMgO varied significantly from that in the other treatments, ranging from 69-ton ha−1 in the first season to 74.9-ton ha−1 in the second season. Linear regression between LAI and PSSRa showed the highest correlation coefficient (0.90) compared with other vegetation indices in the first season. In the same season, the highest correlation coefficient (0.94) was found between FAPAR and PSSRa. In the second season, the highest accuracy to the estimate LAI was found in the correlation between MCARI and PSSRa, with correlation coefficients of 0.9 and 0.91, respectively. In the second season, the highest accuracy to the estimate FAPAR was found with the correlation between PSSRa, ARVI, and NDVI, with correlation coefficients 0.97 and 0.96, respectively. The highest correlation coefficients between vegetation indices and yield were found with ARVI and NDVI in the first season, and only with NDVI in the second season.