Guyed masts subjected to turbulent winds exhibit complex vibrations featuring many vibration modes, each of which contributes to various structural responses in differing degrees. This dynamic behaviour is further complicated by nonlinear guy cable properties. While previous studies have indicated that conventional frequency domain methods can reliably reproduce load effects within the mast, the system linearization required to perform such an analysis makes it difficult to relate these results directly to corresponding guy forces. As a result, the estimation of peak load effects arising jointly from the structural action of the mast and guys, such as leg loads produced as a result of guy reactions and mast bending moments, is uncertain. A numerical study was therefore undertaken to study peak load effects in a 295 m tall guyed mast acted on by simulated turbulent wind. Responses calculated explicitly from nonlinear time domain finite element analyses were compared with approximate methods in the frequency domain for estimating peak values of selected responses, including guy tension, mast axial loads and mast leg loads. It was found that these peak dynamic load effects could be accurately estimated from frequency domain analysis results by employing simple, slightly conservative assumptions regarding the correlation of related effects.