The PESQ is an objective speech quality evaluation measure that is known to have a high correlation with a subjective speech quality measure such as MOS. To examine whether it could be useful as an objective quality measure of synthetic speech, we carried out both subjective evaluation tests with MOS and DMOS and an objective evaluation test with PESQ for HMM-based Korean synthetic speech signals and analyzed the correlation between them. Experimental results have shown that the PESQ has correlations of 0.87 with MOS and 0.92 with DMOS. It means that the PESQ holds much promise for evaluating the quality of synthetic Korean speech.