Despite being built for different functions, reservoirs have numerous ecosystem services to support socio-economic development. Managing these lake basins is difficult because of the changing climate and growing human pressures. Communities and other stakeholders have varying perspectives and impetuses on lake ecosystem services (ES), making it challenging to manage the lake basins effectively. Integrating an assessment tool to look into the shared value of the lake ecosystem services is necessary to support the participatory management of the lake basin. A Participatory Ecosystem Services Shared Value Assessment (PESSVA) project was carried out at three lakes in Malaysia, namely the Chenderoh Reservoir, Bukit Merah Reservoir, and Putrajaya Lake. The work involves the development of questionnaires, social surveys, and stakeholder validation at workshops. The surveyed data were processed, and statistical methods were applied to identify patterns and relationships. The Ecosystem Services Perceptional Profile (ESPP) Rating Score Profile presented a comparative analysis of the three lakes' survey output. Demographically, the respondents vary in education, age, income, and occupation. In the Bukit Merah survey, respondents perceived the lake basin as more threatened than the Chenderoh Reservoir and Putrajaya Lake. The major findings revealed that more progress is required to facilitate sustainable lake basin governance in all three reservoirs. Communities in all these reservoirs perceived the lack of knowledge and programs as restricting their ability to support lake management. The PESSVA methodology provides an additional tool for strengthening research efforts, planning, management actions, and overall lake basin governance in the studied areas.