This study investigates the interannual relationship of extreme precipitation days (EPD) over South China (SC) and Indochina Peninsula (ICP) with tropical Pacific-Indian Ocean Sea surface temperature (SST) anomalies during May, utilizing observations, reanalysis, and Coupled-Model Intercomparison Project 6 (CMIP6) model outputs. The results uncover a dipole mode in the interannual variations of May EPD over SC and ICP, characterized by an east–west inverse pattern. This dipole mode is significantly attributed to large-scale circulation anomalies induced by tropical Pacific–Indian Ocean mode (PIM). During the positive phase of PIM, SST anomalies in the tropical east-central Pacific and western Indian Oceans are anomalously warm, contrasted with negative SST anomalies in the western Pacific, leading to anomalous Walker circulations. Accordingly, two robust anticyclones appear in the lower levels of the Northwest Pacific and the Bay of Bengal, respectively. The south westerlies on the western flank of the anticyclone in the Northwest Pacific cause moisture convergence over SC, favoring the occurrence of extreme precipitation in SC. Conversely, the anticyclonic circulation centered at the Bay of Bengal is not conducive to the transport of warm water vapor from oceans to ICP, resulting in reduced occurrence of extreme precipitation there. The results derived from CMIP6 models unequivocally support the notion that the dipole mode is predominantly shaped by large-scale circulation anomalies induced by PIM. Our results underscore the importance of accounting for the collective impact of oceanic drivers in the tropics, laying a scientific foundation for enhanced precision in simulating extreme precipitation across SC and ICP.