This study introduces the concept of urban rainwater system vulnerability and identifies the indicator factors that affect the vulnerability of rainwater systems. Using the analytic hierarchy process (AHP), an index system for the vulnerability assessment of the rainwater system was established, and a vulnerability assessment model for the rainwater system was constructed. By integrating vulnerability degree, recurrence period, and water depth of ponding, a vulnerability assessment framework for urban rainwater systems was developed. Taking a newly developed urban area in the Suzhou High-Tech Zone as an example, we calculated the vulnerability degree of the urban rainwater system in this area to be 0.6497, indicating a high level of vulnerability and poor system safety. When encountering rainfall with a recurrence period p > 5 years, the city is likely to experience severe waterlogging. Through the analysis and evaluation of the rainwater system’s vulnerability, while clarifying the current state of the rainwater system, it can provide a scientific reference basis for the system’s upgrade, transformation, and optimized operation and management. Although the selection of factors may not be entirely comprehensive, this method allows for adjustments based on the composition and operation of different rainwater systems.