Modeling the relationship between precipitation and water level is of great significance in the prevention of flood disaster. In recent years, the use of machine learning algorithms for precipitation–water level prediction has attracted wide attention in flood forecasting and other fields; however, a clear method to model the relationship of precipitation and water level using grid precipitation products with a neural network model is lacking. The issues of the method include how to select a neural network model, as well as how to influence the modeling results with different types and resolutions of remote sensing data. The purpose of this paper is to provide some findings for the issues. We used the back-propagation (BP) neural network and a nonlinear autoregressive exogenous model (NARX) time series network to model the relationship between precipitation and water level, respectively. The water level of Pingshan hydrographic station at a catchment area in the Jinsha River Basin was simulated by the two network models using three different grid precipitation products. The results showed that when the ground station data are missing, the grid precipitation product is a good alternative to construct the precipitation–water level relationship. In addition, using the NARX network as a model fitting network using extra inputs was better than using the BP neural network; the Nash efficiency coefficients of the former were all higher than 97%, while the latter were all lower than 94%. Furthermore, the input of grid products with different spatial resolutions has little significant effect on the modeling results of the model.