To provide a reliable tool for runoff simulations of ungauged watersheds upstream of reservoirs, a daily runoff simulation model, Tank model, is restructured, the parameter regionalization of the model is conducted, and the model's applicability is evaluated. Taking into account the characteristics of runoffs from the watersheds, a three-tank model is employed. The percolation process of the model's third tank is eliminated, considering the water budgets of the watersheds, and its evapotranspiration component is improved, reflecting the conditions of meteorological observation in South Korea. The sensitivity analysis of the model shows that the model's behaviors, varying with a sensitive parameter, α, are reasonable. The regional parameter estimation equations are determined, using the characteristics and land uses of the watersheds as variables. The model is applied for the runoff simulations of three watersheds and the water stage simulation of one reservoir, and the simulation results are then compared with the observed values, which prove to be in close agreement with the observations. In addition, the results from simulating inflows of twenty-four reservoirs using the model show that the averages of evapotranspiration rate and runoff rate are 42.8% and 56.6%, respectively, which are resonable. Consequently, it is concluded that the model is practically applicable to simulating runoffs from watersheds upstream of reservoirs, and simulated inflow data are useful for watershed management and reservoir planning, design, and operation.