This study looked over the overall framework of nation brand equity as well as its structural connectedness from the customer-based perspective. In so doing, this study reviewed a variety of studies and researches related to nation brand index and nation competitiveness. From the miniature survey involving 300 students as respondents, the study figured out a very conceptual model of nation brand equity. Brand awareness, brand performance, emotional affinity and loyalty turned out to constitute this model. Brand awareness was measured by asking how familiar the people will be in regard with the nation. Brand performance was analyzed by the sub variables such as the high technology, society/citizens, politics, tradition, history and nature etc. Emotional affinity consists of emotion, reputation, and personality, among which personality variable was later excluded due to its methodological discrepancy and analytical fallacy. Loyalty was measured only by such variables as nation as country-of-origin, and tour site primarily in terms of the behavioral factors such as the visit and the purchase. These four components of nation brand equity was remeasured and reaffirmed by the confirmatory factory analysis, culminating in securely identifying their convergent validity. Some issues and significances related to the role and relations among these components were discussed.