Advances in signal processing and machine learning have expedited electroencephalogram (EEG)-based emotion recognition research, and numerous EEG signal features have been investigated to detect or characterize human emotions. However, most studies in this area have used relatively small monocentric data and focused on a limited range of EEG features, making it difficult to compare the utility of different sets of EEG features for emotion recognition. This study addressed that by comparing the classification accuracy (performance) of a comprehensive range of EEG feature sets for identifying emotional states, in terms of valence and arousal. The classification accuracy of five EEG feature sets were investigated, including statistical features, fractal dimension (FD), Hjorth parameters, higher order spectra (HOS), and those derived using wavelet analysis. Performance was evaluated using two classifier methods, support vector machine (SVM) and classification and regression tree (CART), across five independent and publicly available datasets linking EEG to emotional states: MAHNOB-HCI, DEAP, SEED, AMIGOS, and DREAMER. The FD-CART feature-classification method attained the best mean classification accuracy for valence (85.06%) and arousal (84.55%) across the five datasets. The stability of these findings across the five different datasets also indicate that FD features derived from EEG data are reliable for emotion recognition. The results may lead to the possible development of an online feature extraction framework, thereby enabling the development of an EEG-based emotion recognition system in real time.