Accurate monitoring of water surface dynamics in semi-arid regions poses challenges due to uncertainties regarding the optimal spectral index and sensor selection for effective water resource management. This study assessed the comparative performance of nine spectral water indices across the Landsat-8 and Sentinel-2 platforms to identify the best index-sensor combinations for monitoring semi-arid reservoirs. Utilizing the Google Earth Engine cloud computing platform, 181 satellite images were processed for Golestan Dam in northeastern Iran, comprising 107 Landsat-8 scenes from 2013 to 2023 and 74 Sentinel-2 scenes from 2018 to 2024. After applying atmospheric corrections using the LEDAPS and Sen2Cor algorithms, nine spectral indices (NDWI, MNDWI, ANDWI, AWEI, WI2015, WI1, WI2, LSWI, and NDTI) were calculated and evaluated against the WI2 reference through RMSE, R², and Nash-Sutcliffe efficiency metrics. MNDWI showed superior performance for Sentinel-2 (RMSE=21.42 ha, R²=0.998, NS=0.996), while ANDWI was optimal for Landsat-8 (RMSE=54.54 ha, R²=0.977, NS=0.976). Time-series analysis revealed a 35% reduction in mean annual reservoir area, decreasing from 7.28 km² in 2014 to 4.72 km² in 2021. Consistent seasonal patterns were observed, with spring maxima (9.33 km² in March) and autumn minima (3.35 km² in September) evident across both sensors. A high inter-sensor correlation (r = 0.933) supports the potential for multi-sensor integration in comprehensive monitoring efforts. The LSWI and NDTI indices displayed systematic overestimation due to interference from soil moisture and vegetation, making them unsuitable for quantifying water area. These findings highlight the sensor-dependent nature of optimal index selection, recommending MNDWI-Sentinel-2 pairing for short-term monitoring and ANDWI-Landsat-8 for long-term trend analysis in the management of semi-arid reservoirs.