It goes in steps.
The first step is locating the correct topography and watershed. This is best accomplished with my topo/aerial review and actually walking the parcel.
Step 2 is determining the soils composition. This was hugely served by the NRCS div of that specific county when I was looking. NRCS participation varies from county to county, state to state. They will have the soils types and compositions for the parcel and be able to tell you if you have a chance for a pond. I actually had offices drawing up the aerial pondsite proposal of a parcel just from a couple of phone calls I made. In my case, they were invaluable.
I also used the DNR well drilling records for water wells in the immediate area to determine the soils encountered and at what depth. You also need to scan the area (using aerials) to see if any other ponds exist. This is a good sign.
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At this point, tho, your best decision will be to pick up a copy of Lusk's newest publication: Perfect Pond; want one? It was written exactly for new pond dreamers looking for direction. Period.