Abstract Electromagnetic ion cyclotron (EMIC) waves are commonly observed in the Earth’s magnetosphere and play a significant role in regulating relativistic electron fluxes. The waveform of EMIC waves comprises amplitude‐modulated wave packets, known as “subpackets.” Despite their prevalence, the underlying physics and associated particle dynamics for subpacket formation remain poorly understood. In this study, using Van Allen Probe A observations, we present several rising‐tone EMIC wave events to reveal the downward frequency chirping between adjacent subpackets. By performing a hybrid simulation, we demonstrate for the first time that these wave properties are associated with the oscillation of proton holes in the wave gyrophase space induced by cyclotron resonance. The oscillation modulates the energy transfer between waves and particles, establishing a direct link between subpacket formation in cyclotron waves and nonlinear wave‐particle interactions. This new understanding advances our knowledge of subpacket formation in general and its broader implications in space plasma physics.