The accuracy of retrieving the two drop size distribution (DSD) parameters, median volume diameter ( D0), and normalized intercept parameter ( NW), as well as rain rate ( R), from polarimetric C-band radar data obtained during a cool-season, long-duration precipitation event in Huntsville, Alabama, is examined. The radar was operated in a special 'near-dwelling' mode over two video disdrometers (2DVD) located 15 km away. The polarimetric radar-based retrieval algorithms for the DSD parameters and rain rate were obtained from simulations using the 2DVD measurements of the DSD. A unique feature of this paper is the radar-based estimation of the spatial correlation functions of the two DSD parameters and rain rate that are used to estimate the 'point-to-area' variance. A detailed error variance separation is performed, including the aforementioned point-to-area variance, along with variance components due to the retrieval algorithm error, radar measurement error, and disdrometer sampling error. The spatial decorrelation distance was found to be smallest for the R (4.5 km) and largest for D0 (8.24 km). For log10( NW), it was 7.22 km. The proportion of the variance of the difference between radar-based estimates and 2DVD measurements that could be explained by the aforementioned errors was 100%, 57%, and 73% for D0, log10( NW), and R, respectively. The overall accuracy of the radar-based retrievals for the particular precipitation event quantified in terms of the fractional standard deviation were estimated to be 6.8%, 6%, and 21% for D0, log10( NW), and R, respectively. The normalized bias was <1%. These correspond to time resolution of ~3 min and spatial resolution of ~1.5 km. [ABSTRACT FROM AUTHOR]