Drought represents one of the most critical natural disasters, exerting profound impacts on agriculture, society, the economy, and water resources. Various indices are used to monitor drought and its effects. This study aims to monitor drought in the Zayandeh-Rud Basin using the Standardized Precipitation Index (SPI), the Standardized Precipitation-Evapotranspiration Index (SPEI), the Evaporative Demand Drought Index (EDDI), the Palmer Drought Severity Index (PDSI), and the Reconnaissance Drought Index (RDI). All these indices are based on potential evapotranspiration, incorporating parameters such as precipitation, temperature, relative humidity, wind speed, and sunshine duration. These five indices were calculated and evaluated during the statistical period of 1993–2023 for meteorological stations in Isfahan, East Isfahan, Kabootarabad, Daran, Shahreza, Najafabad, and Mobarakeh. After calculating the indices and using spatial zoning maps, the studied stations were compared in terms of these indices. The continuity of dry and wet periods, as well as the intensity of droughts and wet spells, was analyzed. Subsequently, drought intensities during different years in these stations were ranked using the TOPSIS model based on factors such as precipitation, potential evapotranspiration, and station elevation. The results showed that in stations with a dry climate (such as Isfahan, East Isfahan, and Shahreza), drought occurrences (as indicated by higher rankings) have been consecutive over multiple years. Comparing the performance of the indices in the studied stations using spatial zoning maps revealed that the intensity of droughts and wet spells in regions with dry and semi-dry climates was not very significant. However, in areas with humid climates, the fluctuations in drought and wet spell intensities were quite substantial. The findings indicate that the PDSI and EDDI indices are more suitable for evaluating drought in dry climates.