ABSTRACT The presence of water on wet roads due to rainfall has emerged as a critical factor influencing driving safety. During severe weather, the non-uniform water distribution on the road can significantly diminish pavement friction, elevating the risk of traffic accident. Furthermore, the tire-pavement friction coefficient varies with vehicle velocity, rendering wet braking analysis complex. Conventional braking risk analysis often assumes a fixed friction coefficient, neglecting the impact of uneven pavement-induced water depth irregularities. This paper introduces a novel braking performance assessment method based on water-depth estimation and vehicle-pavement simulation. The uneven water-depth distribution is first estimated using LiDAR-measured pavement geometry. A co-simulation framework is then proposed to analyze the tire-pavement friction and study the dynamic braking performance. The 85th percentile stopping distance is adopted as the evaluation index for quantifying braking risk. Results from case studies highlight the substantial influence of rainfall intensity and vehicle velocity on braking risk. Additionally, pavement rutting accumulates deeper water depth, thereby elevating braking safety risks. The proposed model offers a novel perspective on vehicle braking risk analysis and can serve as a valuable safety indicator for highway transportation management and decision-making in driving strategies during wet weather conditions.