Rainfall is one of the most important hydrological and climatic elements for many applications. Satellite/reanalysis rainfall products have recently become an alternative source to rain gauges and have shown broader application. This study evaluated the performance of Climate Hazard Group Infrared Precipitation with stations version 2.0 (CHIRPS v2.0) and Multi-Source Weighted-Ensemble Precipitation version 2.8 (MSWEP v2.8) products against observed data were evaluated. Rainfall climatology was simulated for different agroecological zones (AEZs) of Ethiopia for the period 1991-2020 at different temporal scales ranging from daily to annual. Rainfall occurrence detection capabilities were assessed using suites of performance evaluation measures, such as the probability of detection (POD), false alarm ratio (FAR), frequency bias index (FBI), and critical success index (CSI). In addition, statistical evaluation metrics were used, including mean absolute error (MAE), root mean square error (RMSE), percent bias (PBIAS), correlation coefficient (r), and Kling Gupta efficiency (KGE). The result showed that CHIRPS v2.0 is preferable for estimating monthly, seasonal, and annual rainfall totals, and MSWEP v2.8 for daily rainfall have shown better performance over all AEZs. The two products display comparable performance for detecting daily rainfall occurrences over alpine AEZ, but MSWEP v2.8 is superior in the rest four AEZs. CHIRPS v2.0 outperforms MSWEP v2.8 for detecting most of the daily rainfall intensity classes over all AEZs. Overall, the two rainfall products can be used for climate simulation over tropical, subtropical, temperate, and alpine AEZs, but not over the desert AEZ of Ethiopia. The findings of this study will play a noteworthy role to improve the quality of hydro-climate studies in Ethiopia. Generally, for both grid-based and station wise national level studies, I recommend CHIRPS v2.0 for monthly, Bega season, Belg season, Kiremt season and annual temporal scales and MSWEP v2.8 for daily time step studies.