The potential of satellite precipitation products (SPPs) in monitoring and mitigating hydrometeorological disasters caused by extreme rainfall events has been extensively demonstrated. However, there is a lack of comprehensive assessment regarding the performance of SPPs over the Qinghai-Tibet Plateau (QTP). Therefore, this research aimed to evaluate the effectiveness of five SPPs, including CMORPH, IMERG-Final, PERSIANN-CDR, TRMM-3B42V7, and TRMM-3B42RT, in identifying variations in the occurrence and distribution of intense precipitation occurrences across the QTP during the period from 2001 to 2015. To evaluate the effectiveness of the SPPs, a reference dataset was generated by utilizing rainfall measurements collected from 104 rainfall stations distributed across the QTP. Ten standard extreme precipitation indices (SEPIs) were the main focus of the evaluation, which encompassed parameters such as precipitation duration, amount, frequency, and intensity. The findings revealed the following: (1) Geographically, the SPPs exhibited better retrieval capability in the eastern and southern areas over the QTP, while displaying lower detection accuracy in high-altitude and arid areas. Among the five SPPs, IMERG-Final outperformed the others, demonstrating the smallest inversion error and the highest correlation. (2) In terms of capturing annual and seasonal time series, IMERG-Final performs better than other products, followed by TRMM-3B42V7. All products performed better during summer and autumn compared to spring and winter. (3) The statistical analysis revealed that IMERG-Final demonstrates exceptional performance, especially concerning indices related to precipitation amount and precipitation intensity. Moreover, it demonstrates a slight advantage in detecting the daily rainfall occurrences and occurrences of intense precipitation. On the whole, IMERG-Final’s ability to accurately detect extreme precipitation events on annual, seasonal, and daily scales is superior to other products for the QTP. It was also noted that all products overestimate precipitation events to some extent, with TRMM-3B42RT being the most overestimated.