For this example, let's use the annual flood series method. To estimate probability that any discharge will be equaled or exceeded in any given year, the peak discharges are ranked from m = 1 (largest), m = 2 (second largest) and so on to m=n, where n is the number of years in the data record. For each data point, a Recurrence Interval (RI) is calculated using the Weibull equation
which is the average time interval between the occurrence of two discharge events of a given or greater size (Lundgren, 1986, p. 240)2.
The RI is the reciprocal of the probability of an occurrence.
As an example, in the flood record of the Red River of the North at Fargo, North Dakota, the 11th highest discharge was 11,200 cubic feet per second on April 3, 1994 during the 112 year record (1882 - 1994) in the National Water Data Storage and Retrieval System (WATSTORE) database for North Dakota. The Recurrence Interval of this discharge level is 113/11 or about 10 years, and the probability of a flood discharge of this size occurring in any one year is 1/10, or about ten percent.
The 100-year flood level is that gage height that corresponds to the discharge at RI = 100, which has a probability of being met or exceeded of 1%. Similarly, the 500-year flood level is that gage height corresponding to the discharge extrapolated at RI = 500, which has a probability of being met or exceeded of 0.2 %.
To determine the flood plain that will be inundated by a 100- or a 500-year flood, compare the topography of the area adjacent to the river to the predicted gage height.
How do you translate from discharge to gage height, or vice versa?
The USGS has tables of discharge vs. gage height for each gaging station. For example, if you scroll to near the bottom of the gage for Fargo, you'll see a table that shows discharge vs.gage height.
Below is part of that table.
GAGE HT (ft.) DISCHARGE (CFS)14.0 263 15.0 899 16.0 1850 17.0 2730 18.0 3460 19.0 4060 20.0 4640 21.0 5220 22.0 5780 23.0 6340 24.0 6950 25.0 7590 26.0 8260 27.0 9060 28.0 9900 29.0 10800 30.0 11900 31.0 13200 32.0 14700 33.0 16500 34.0 18300 35.0 20500 36.0 22900 37.0 25400 38.0 28100 39.0 31000 40.0 34000 41.0 37100 42.0 40500 43.0 44000
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2Lundgren, L., 1986, Environmental Geology: Prentice-Hall, Upper Saddle River, New Jersey, 576 p.