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In coastal regions, compound flooding, driven by multiple flood hazard sources, can cause greater damage than when the flood drivers occur in isolation. This study focuses on compound flooding from extreme precipitation and storm surge in China's Qiantang Estuary. We quantify the potential of compound flooding by measuring bivariate joint statistical dependence and joint return period (JRP). We find a significant positive dependence between the two flood drivers considered, as indicated by Kendall's rank correlation coefficients. Compound events occur frequently, with an average of 2.65 events per year from 1979 to 2018, highlighting the significant concern of compound flooding for this estuary. Using a copula model, we demonstrate that considering the dependence between the two flood drivers shortens the JRP of compound flooding compared to the JRP assuming total independence. For a 1-in-10-yr precipitation event and 1-in-10-yr storm surge event, the JRP is 1 in 100 years when assuming total independence. However, it decreases to 1 in 32.44 years when considering their dependence. Ignoring the dependence between flood drivers can lead to an increase in the JRP of compound events, resulting in an underestimation of the overall flood risk. Our analysis reveals a strong link between the weather patterns creating compound events and extreme storm surge only events with tropical cyclone activity. Additionally, the extreme precipitation only events were found to be connected with the frontal system of the East Asian summer monsoon. This study highlights the importance of considering the dependence between multiple flood drivers associated with certain types of the same weather systems when assessing the flood risk in coastal regions. [ABSTRACT FROM AUTHOR]