The epithet depauperata is from the Latin depauperatus (depauperate), a reference to its much-reduced flower size as compared to the morphologically similar flower of Drosera pulchella. This species is thought to have originated as a fertile natural hybrid between Drosera australis and Drosera pulchella; the reduced flower size of Drosera depauperata may be due to the influence of putative parent Drosera australis, with its rather small flower.

Drosera depauperata is known from Western Australia, with records only from the type location on the margins of Lake Pleasant View, near Manypeaks, where it is quite common.

It grows on the margins of the lake and in wet depressions in sandy soils under paperbarks (Melaleuca sp.).

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