Event-based models focus on modelling of peak runoff from rainfall data. Conceptual models indicate simplified models that provide reasonably accurate answers despite their crude nature. Rainfall-runoff models are used to transform a rainfall event into a runoff event. This paper focuses on reviewing computational simulation of rainfall-runoff processes over a catchment. Lumped conceptual, event-based rainfall-runoff models have remained the dominant practice for design flood estimation in Australia for many years due to their simplicity, flexibility, and accuracy under certain conditions. Attempts to establish regionalization methods for prediction of design flood hydrographs in ungauged catchments have seen little success. Therefore, as well as reviewing key rainfall-runoff model components for design flood estimation with a special focus on event-based conceptual models, this paper covers the aspects of regionalization to promote their applications to ungauged catchments.