The reliability model is developed for analyzing parameter uncertainty and estimating of flood inundation characteristics in a protected lowland. The approach is based on the concept of levee safety factor and the statistical analysis of model parameters affecting the variability of flood levels. Monte Carlo simulation is incorporated into the varied flow and unsteady flow analysis to quantify the impact of parameter uncertainty on the variability of flood levels. The model is applied to a main stem of the Nakdong River from Hyunpoong to Juckpogyo station. Simulation results show that the characteristics of channel overflow and return now are well simulated and the mass conservation was satisfied. The inundation depth and area are estimated by taking into consideration of the uncertainty of width and duration time of levee failure