From the viewpoint of land surface evapotranspiration, and by using the semi-empirical evapotranspiration model based on the Priestley-Taylor equation and the land surface temperature-vegetation index (LST-VI) triangle algorithm, the current monitoring technology of agricultural drought based on remote sensing was improved, and a simplified Evapotranspiration Stress Index (SESI) was derived. With the application of the MODIS land products from March to November in 2008 and 2009, the triangle algorithm modeling with three different schemes was constructed to calculate the SESI to monitor the agricultural drought in the plain areas of Beijing, Tianjin, and Hebei, in comparison with the Temperature Vegetation Dryness Index (TVDI). The results showed that SESI could effectively simplify the remote sensing drought monitoring method, and there was a good agreement between SESI and surface soil (10 and 20 cm depth) moisture content. Moreover, the performance of SESI was better in spring and autumn than in summer, and the SESI during different periods was more comparable than TVDI. It was feasible to apply the SESI to the continuous monitoring of a large area of agricultural drought.