This paper presents a method for determining the probability of rare events, in particular for probability density function (pdf) and bit error rate (BER) estimation. The derivation of the method is based on the presumption that the pdf is a member of a family of distributions very often named as the generalized exponential (GE) class of distributions. Based on high reliability estimations obtained in short simulation/measurement times, the low probably events are estimated accurately by extrapolation. The suggested method can be applied to some distributions that are different from GE distributions, such as noncentral chi-square distributions, to extrapolate to low probability events, with some extrapolation error. It can also be applied to BER estimation. The method is in particular helpful for estimating channels suffering from both severe signal distortion causing undesired intersymbol interference (ISI) of several symbols, and from severe noise. Such conditions prevail, for example, in metro and long haul high-speed optical fiber communication systems. So the method may be implemented in particular in maximum-likelihood sequence estimation (MLSE) optical receivers using nonparametric channel model estimation. A special use of the extrapolation method is explained for practical systems using trellis branch metrics derived from the estimated pdf to decode the transmitted sequence of symbols.