This study compares the performance of four satellite-based rainfall products (SRPs) (PERSIANN-CCS, PERSIANN-CDR, SM2RAIN-ASCAT, and CHIRPS-2.0) in a semi-arid subtropical region. As a case study, Punjab Province of Pakistan was considered for this assessment. Using observations from in-situ meteorological stations, the uncertainty in daily, monthly, seasonal, and annual rainfall estimates of SRPs at pixel and regional scales during 2010–2018 were examined. Several evaluation indices (Correlation Coefficient (CC), Root Mean Square Error (RMSE), Bias, and relative Bias (rBias), as well as categorical indices (Probability of Detection (POD), Critical Success Index (CSI), and False Alarm Ration (FAR)) were used to assess the performance of the SRPs. The following findings were found: (1) CHIRPS-2.0 and SM2RAIN-ASCAT products were capable of tracking the spatiotemporal variability of observed rainfall, (2) all SRPs had higher overall performances in the northwestern parts of the province than the other parts, (3) all SRP estimates were in better agreement with ground-based monthly observations than daily records, and (4) on the seasonal scale, CHIRPS-2.0 and SM2RAIN-ASCAT were better than PERSIANN-CCS and PERSIANN. In all seasons, CHIRPS-2.0 and SM2RAIN-ASCAT outperformed PERSIANN-CCS and PERSIANN-CDR. Based on our findings, we recommend that hydrometeorological investigations in Pakistan’s Punjab Province employ monthly estimates of CHIRPS-2.0 and SM2RAIN-ASCAT products.