Evaluating satellite-based products is vital for precipitation estimation for sustainable water resources management. The current study evaluates the accuracy of predicting precipitation using four remotely sensed rainfall datasets—Tropical Rainfall Measuring Mission products (TRMM-3B42V7), Precipitation Estimation from Remotely Sensed Information using Artificial Neural Networks Climate Data Records (PERSIANN-CDR), Cloud Classification System-Climate Data Record (PERSIANN-CCS-CDR), and National Centers for Environmental Prediction (NCEP)-Climate Forecast System Reanalysis (CFSR)—over the Haraz-Gharehsoo basin during 2008–2016. The benchmark values for the assessment are gauge-observed data gathered without missing precipitation data at nine ground-based measuring stations over the basin. The results indicate that the TRMM and CCS-CDR satellites provide more robust precipitation estimations in 75% of high-altitude stations at daily, monthly, and annual time scales. Furthermore, the comparative analysis reveals some precipitation underestimations for each satellite. The underestimation values obtained by TRMM CDR, CCS-CDR, and CFSR are 8.93 mm, 20.34 mm, 9.77 mm, and 17.23 mm annually, respectively. The results obtained are compared to previous studies conducted over other basins. It is concluded that considering the accuracy of each satellite product for estimating remotely sensed precipitation is valuable and essential for sustainable hydrological modelling.