In the summer of 2023, North China experienced a rare extreme precipitation storm due to Typhoons Doksuri and Khanun, leading to significant secondary disasters and highlighting the urgent need for accurate rainfall forecasting. Satellite-based quantitative precipitation estimation (QPE) products like Integrated Multi-Satellite Retrievals for GPM (IMERG) and Global Satellite Mapping of Precipitation (GSMaP) from the Global Precipitation Measurement (GPM) Mission have great potential for enhancing forecasts, necessitating a quantitative evaluation before deployment. This study uses a dense rain gauge as a benchmark to assess the accuracy and capability of the latest version 7B IMERG and version 8 GSMaP satellite-based QPE products for the 2023 summer extreme precipitation in North China. These satellite-based QPE products include four satellite-only products, namely IMERG early run (IMERG_ER) and IMERG late run (IMERG_LR), GSMaP near-real-time (GSMaP_NRT), and GSMaP microwave-infrared reanalyzed (GSMaP_MVK), along with two gauge-corrected products, namely IMERG final run (IMERG_FR) and GSMaP gauge adjusted (GSMaP_Gauge). The results show that (1) GSMaP_MVK, IMERG_LR, and IMERG_FR effectively capture the space distribution of the extreme rainfall, with relatively high correlation coefficients (CCs) of approximately 0.77, 0.75, and 0.79. The IMERG_ER, GSMaP_NRT, and GSMaP_Gauge products exhibit a less accurate spatial pattern capture (CCs about 0.66, 0.73, and 0.67, respectively). Each of the six QPE products tends to underestimate rainfall (RBs < 0%). (2) The IMERG products surpass the corresponding GSMaP products in serial rainfall measurement. IMERG_LR demonstrates superior performance with the lowest root-mean-square error (RMSE) (about 0.38 mm), the highest CC (0.97), and less underestimation (RB about −6.37%). (3) The IMERG products at rainfall rates ≥ 30 mm/h, GSMaP_NRT and GSMaP_MVK products at rainfall rates ≥ 55 mm/h, and GSMaP_Gauge products at ≥ 40 mm/h showed marked limitations in event detection, with a near-zero probability of detection (POD) and a nearly 100% false alarm ratio (FAR). In this extreme precipitation event, caution is needed when using the IMERG and GSMaP products.