The report of the 19th National Congress clearly states that we should improve the system of recuperation of rivers and lakes, and establish a diversified ecological compensation mechanism. The determination of watershed ecological compensation standards is a key element in establishing a scientific watershed ecological compensation mechanism. For the calculation, few scholars consider that the compensation standards should eliminate the consumption of the region based on the ecological service supply from a fair perspective. Firstly, the article makes an assessment on the basis of the supply behavior of the watershed ecological service providers and the ecological compensation standard of watershed, proposing that the watershed ecological compensation standard should be based on the ecological environment value, and compensating for the ecological spillover environmental value of ecological protection behavior. Secondly, taking Weihe watershed as an example, based on the theoretical analysis, the ecosystem service value supply from 2006 to 2015 in the Weihe upstream was calculated by using equivalent factor method, and the water footprint method was used to calculate and remove the ecosystem service value from 2006 to 2015, which the upper Weihe have consumed. Finally, the compensation standard that Weihe upstream should obtain, increased from 1.282 billion yuan in 2006 to 4.409 billion yuan in 2015; thus, showing an overall growth trend, indicating that the upstream has continuously made efforts to protect the watershed ecological environment, and continuously increasing the remaining ecological service value supply for the downstream.