Increased root biomass allocation could serve as a proxy trait for selecting crop ideotypes with drought tolerance and carbon sequestration potential in agricultural soils. The objective of this study was to assess the magnitude of the relationship between root biomass and yield components and to identify influential traits so as to optimise genotype selection for enhanced biomass allocation, drought tolerance and carbon sequestration potential in bread wheat (Triticum aestivum L.). One-hundred wheat genotypes consisting of 10 parents and 90 derived F2 families were evaluated under drought-stressed and non-stressed conditions at two different sites. Data were collected for days to heading (DTH), days to maturity (DTM), plant height, productive tiller number (TN), spike length, spikelets per spike (SPS), kernels per spike (KPS), thousand kernel weight (TKW), shoot biomass, root biomass, total plant biomass (PB), root-to-shoot ratio (RS) and grain yield. There was significant (p < 0.05) genetic variation in most assessed traits, TN and RS being exceptions. Root biomass had significant positive correlations with grain yield under drought-stressed (r = 0.28) and non-stressed (r = 0.41) conditions, but a non-significant correlation was recorded for RS and grain yield. Notably, both root biomass and shoot biomass had significant positive correlations under both water regimes, revealing the potential of increasing both traits with minimal biomass trade-offs. The highest positive direct effects on grain yield were found for KPS and PB under both water regimes. The present study demonstrated that selection based on KPS and PB rather than RS will be more effective in ideotype selection of segregating populations for drought tolerance and carbon sequestration potential.