Event extraction has gained extensive research attention due to its broad range of applications. However, the current mainstream evaluation method for event extraction relies on token-level exact match, which misjudges numerous semantic-level correct cases. This reliance leads to a significant discrepancy between the evaluated performance of models under exact match criteria and their real performance. To address this problem, we propose a reliable and semantic evaluation framework for event extraction, named RAEE, which accurately assesses extraction results at semantic-level instead of token-level. Specifically, RAEE leverages large language models (LLMs) as evaluation agents, incorporating an adaptive mechanism to achieve adaptive evaluations for precision and recall of triggers and arguments. Extensive experiments demonstrate that: (1) RAEE achieves a very strong correlation with human judgments; (2) after reassessing 14 models, including advanced LLMs, on 10 datasets, there is a significant performance gap between exact match and RAEE. The exact match evaluation significantly underestimates the performance of existing event extraction models, and in particular underestimates the capabilities of LLMs; (3) fine-grained analysis under RAEE evaluation reveals insightful phenomena worth further exploration. The evaluation toolkit of our proposed RAEE is publicly released.

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