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An assessment of daily accumulated precipitation during extreme precipitation events (EPEs) occurring over the period 2000⁻2008 in the Iberian Peninsula (IP) is presented. Different sources for precipitation data, namely ERA-Interim and ERA5 reanalysis by the European Centre for Medium-Range Weather Forecast (ECMWF) and Tropical Rainfall Measuring Mission (TRMM) Multisatellite Precipitation Analysis (TMPA), both in near-real-time and post-real-time releases, are compared with the best ground-based high-resolution (0.2° × 0.2°) gridded precipitation dataset available for the IP (IB02). In this study, accuracy metrics are analysed for different quartiles of daily precipitation amounts, and additional insights are provided for a subset of EPEs extracted from an objective ranking of extreme precipitation during the extended winter period (October to March) over the IP. Results show that both reanalysis and multi-satellite datasets overestimate (underestimate) daily precipitation sums for the least (most) extreme events over the IP. In addition, it is shown that the TRMM TMPA precipitation estimates from the near-real-time product may be considered for EPEs assessment over these latitudes. Finally, it is found that the new ERA5 reanalysis accounts for large improvements over ERA-Interim and it also outperforms the satellite-based datasets.