Rain gage observations of storm events at Walnut Gulch, Arizona, are used to evaluate the Rodriguez‐Iturbe and Eagleson (1987) stochastic, point process model of storm events. Five hundred and fifty eight summer storm events are identified over the years 1970–1977 and the parameters of the model estimated by the method of moments for each event as well as for the entire ensemble of events. The model is evaluated by comparing the observed correlation function of the temporally averaged rainfall process to its theoretical analogue.