This work presents a remote sensing application to estimate the leaf area index (LAI) in two rice (Oryza sativa L.) varieties (IDIAP 52-05 and IDIAP FL 137-11), as a proxy for crop performance. In-field, homogeneous spectroradiometric measurements (350–1050 nm) were carried in two campaigns (June–November 2017 and January–March 2018), on a private farm, TESKO, located in Juan Hombrón, Coclé Province, Panama. The spectral fingerprint of IDIAP 52-05 plants was collected in four dates (47, 67, 82 and 116 days after sowing), according to known phenological stages of rice plant growth. Moreover, true LAI or green leaf area was measured from representative plants and compared to LAI calculated from normalized PlanetScope multi-spectral satellite images (selected according to dates close to the in-field collection). Two distinct estimation models were used to establish the relationships of measured LAI and two vegetational spectral indices (NDVI and MTVI2). The results show that the MTVI2 based model has a slightly higher predictive ability of true LAI (R2 = 0.92, RMSE = 2.20), than the NDVI model. Furthermore, the satellite images collected were corrected and satellite LAI was contrasted with true LAI, achieving in average 18% for Model 2 for MTVI2, with the NDVI (Model 1) corrected model having a smaller error around 13%. This work provides an important advance in precision agriculture, specifically in the monitoring of total crop growth via LAI for rice crops in the Republic of Panama.