The number of students graduating from accredited programs has been increasing annually since the first students graduated from accredited engineering programs in Korean universities in 2004. In this paper, we evaluate the effect of engineering education accreditation by the Accreditation Board for Engineering Education of Korea (ABEEK). We developed performance evaluation indices based on the balanced scorecard concept and applied the proposed indicators to graduates, faculty, and industry employers to see if there are significant differences between accredited and non-accredited groups. Overall, regardless of survey object, engineering education accreditation was perceived to contribute to the elevation of engineering and science and the level of national growth. However, the differences between accredited and non-accredited groups for some key performance indicators were statistically insignificant. The results of this paper are expected to provide crucial feedback information for the improvement of engineering education accreditation in Korea.