The purpose of this research is to develop an Integrated Water Resources Evaluation Index (IWREI) which can used to assess the performance of water resources projects in a regional perspective focusing on three major sectors including water use, flood, and river environment in water resources policies. The IWREI is estimated by integrating the Water Use Vulnerability Index (WUVI), the Flood Vulnerability Index (FVI), and the River Environment Vulnerability Index (REVI) which represent the vulnerability in each sector. These indices consist of total 26 indicators selected from the pressure indicators representing the causes of damages in water use, flood, and river environment, the state indicators and the response indicators. The estimated index describes the vulnerability and effectiveness of policies with five levels: Low, Medium Low, Medium, Medium High, and High. The results of evaluating total 115 hydrological units in Korea using the WUVI, FVI, REVI, and IWREI indicate that the project effectiveness in water resources policies is clearly verified by the improved index results compared to the past (early 1990s). Regional vulnerability and evaluation indices developed in this research could be used to establish goals of water resources policy and to select priority regions for project implementation.