Instead of using \left\|...\right\| which are extensible characters (meaning they grow vertically with the content height), use fixed height versions. You can call on larger versions with \big, \Big, \bigg, and \Bigg.
\documentclass{article}
\begin{document}
$ \big \|\tilde{a} \big \| + \big \| \tilde{b} \big \| $
\quad
$ \Big \|\tilde{a} \Big \| + \Big \| \tilde{b} \Big \| $
\quad
$ \bigg \|\tilde{a} \bigg \| + \bigg \| \tilde{b} \bigg \| $
\quad
$ \Bigg \|\tilde{a} \Bigg \| + \Bigg \| \tilde{b} \Bigg \| $
\end{document}

Often, you will see the syntax employed of \bigl\| ... \bigr\| where the extra "l" and "r" indicate "left" and "right". While I originally was unsure if they actually affected the typesetting (or if they were purely a mnemonic to help the programmer keep track of matched delimiter sets), Gustavo and Mico (hat tip) assured me that their inclusion can affect the typesetting itself. Mico was kind enough to provide an example, which I recreate here. I commend his comment below to your attention:
\documentclass{article}
\begin{document}
$ \big \|+\tilde{a} \big \| $
\quad versus \quad
$ \bigl \|+\tilde{a} \bigr \| $
\quad
\end{document}

\left \| \tilde{b} \right \|is\left \| \smash{\tilde{b}} \right \|. – corporal Jun 11 '15 at 01:22