Scientists occasionally predict projected changes in extreme climate using multi-model ensemble methods that combine predictions from individual simulation models. To predict future changes in precipitation extremes in the Korean peninsula, we examined the observed data and 21 models of the Coupled Model Inter-Comparison Project Phase 6 (CMIP6) over East Asia. We applied generalized extreme value distribution (GEVD) to a series of annual maximum daily precipitation (AMP1) data. Multivariate bias-corrected simulation data under three shared socioeconomic pathway (SSP) scenarios—namely, SSP2-4.5, SSP3-7.0, and SSP5-8.5—were used. We employed a model weighting method that accounts for both performance and independence (PI-weighting). In calculating the PI-weights, two shape parameters should be determined, but usually, a perfect model test method requires a considerable amount of computing time. To address this problem, we suggest simple ways for selecting two shape parameters based on the chi-square statistic and entropy. Variance decomposition was applied to quantify the uncertainty of projecting the future AMP1. Return levels spanning over 20 and 50 years, as well as the return periods relative to the reference years (1973–2010), were estimated for three overlapping periods in the future, namely, period 1 (2021–2050), period 2 (2046–2075), and period 3 (2071–2100). From these analyses, we estimated that the relative increases in the observations for the spatial median 20-year return level will be approximately 18.4% in the SSP2-4.5, 25.9% in the SSP3-7.0, and 41.7% in the SSP5-8.5 scenarios, respectively, by the end of the 21st century. We predict that severe rainfall will be more prominent in the southern and central parts of the Korean peninsula.