Embalse San Felipe sits in the departamento San Martín, roughly 135 km northeast of the city of San Luis and about 11 km from Renca, 17 km from Naschel, and 20 km from Tilisarao. The reservoir impounds the waters of the Río Conlara, which originates in the center of the Sierra de San Luis, and at approximately 1,282 hectares it is the largest body of water by surface area in the province. Construction was completed in 1941, and the dam's current storage capacity stands at 77.7 cubic hectometers. The reservoir lies along the southwestern edge of the Sierra San Felipe, between an area known as Lomas Blancas and the northern flank of that range.

For paddlers, the water is calm and well-suited to kayak and paddle surf. The Club Náutico y Deportivo San Felipe, located at San Martín 375 in Nueva Galia, offers equipment rental and guidance, making it a practical starting point for those arriving without their own gear. Other water-based activities practiced here include sailing, rowing, and windsurfing, which means paddlers should be aware of motorized and sail craft sharing the water. Wind can be a factor, particularly in summer, making conditions variable for different water sports.

Within the reservoir there are two small islands that have been designated a protected reserve by provincial decree (No. 4388/90), known as the Islas de los Pájaros y los Conejos. This five-hectare reserve protects nesting habitat for numerous aquatic bird species and is a notable natural feature visible from the water. The shoreline vegetation includes molle, tala, piquillín, algarrobo blanco, and algarrobo negro.

The perimeter of the reservoir has camping areas and food service establishments. Fishing is popular here, with pejerrey, carpa, and bagre present, and cornalitos appearing seasonally. The fishing regulation of one rod per angler with a maximum of two hooks, and a pejerrey bag limit of 35 fish with a minimum size of 25 cm, applies at this reservoir.

To reach the dam by road, the most common approach is via Ruta Nacional 148 to Tilisarao, then Ruta Provincial 9 to Renca, continuing from there to the dam. Provincial routes 25, 22, 40, 23, and 55 also provide access from various directions.