This study has performed comparative analysis on benefit indicators in agricultural irrigation and drainage project cases between Korea and Japan. The irrigation and drainage project with publicity should do economic analysis of direct benefit factors as well as indirect benefit factors. However, traditional economic evaluations are used that benefit factors are lack of consistency and focused on direct benefits. Therefore, the purpose of this study was to develop indicators for the economic evaluation of irrigation and drainage projects. We conducted a case study between Korea and Japan. The resulting benefit factors was divided into direct factors and indirect factors. The direct benefit factors were increase in income, cost savings. The indirect benefit factors were protection of property due to flooding, agricultural promotion, aesthetic improvement. The implications of this study are that the indicators of economic analysis can be evaluated and easily applied. Moreover, these indicators could promote the feasibility of economic analysis.