Ejector-driven systems have the ability to operate at high efficiencies, utilizing recycled thermal energy as a power source. For a typical ejector heat pump (EHP) system, the increase of the condenser temperature reduces the coefficient of performance (COP). In addition, if the condenser temperature is higher than the critical temperature, the ejector may not function. In this situation, the condenser temperature must be reduced, and an additional heater will be utilized to heat the production water from the condenser temperature to the desired temperature. In this study, a single-stage gas-fired EHP is investigated and thermodynamically modeled to optimize the system COP for the purpose of heating water by utilizing the thermal energy from the ambient air. The effects of the high-temperature evaporator (HTE) and low-temperature evaporator (LTE) on the ejector critical back pressure and the EHP system performance are examined for a HTE temperature range of 120–180 °C and LTE temperatures of 15.5, 17.5, and 19.5 °C. Results show that an optimized COP for the EHP system exists and is dependent on HTE and LTE temperatures and the primary nozzle throat diameter. In addition, it is found that the peak EHP COP does not necessarily coincide with a large ejector COP. From this study, a maximum EHP COP of 1.31 is achieved at a HTE temperature of 170 °C and LTE temperature of 19.5 °C with a total heating capacity of 15.98 kW.