The Brazilian savanna (Cerrado) has been heavily impacted by agricultural activities over the last four to five decades, and reliable estimates of reference evapotranspiration (ETo) are needed for water resource management and irrigation agriculture. The Penman–Monteith (PM) is one of the most accepted models for ETo estimation, but it requires many inputs that are not commonly available. Therefore, assessing the FAO guidelines to compute ETo when meteorological data are missing could lead to a better understanding of which variables are critically important for reliable estimates of ETo and how climatic variables are related to water requirements and atmospheric demands. In this study, ETo was computed for a grass-dominated part of the Cerrado from April 2010 to August 2019. We tested 12 different scenarios considering radiation, relative humidity, and/or wind speed as missing climatic data using guidelines given by the FAO. Our results presented that wind speed and actual vapor pressure do not affect ETo estimates as much as the other climatic variables; therefore, in the Cerrado’s conditions, wind speed and relative humidity measurements are less required than temperature and radiation data. When radiation data were missing, the computed ETo was overestimated compared to the benchmark. FAO procedures to estimate the net radiation presented good results during the wet season; however, during the dry season, their results were overestimated because the method could not estimate negative Rn. Our results indicate that radiation data have the highest impact on ETo for our study area and presumably for regions with similar climatic conditions. In addition, those FAO procedures for estimating radiation are not suitable when radiation data are missing.