Attaining ultra-reliable communication (URC) in fifth-generation (5G) and beyond networks requires deriving statistics of channel in ultra-reliable region by modeling the extreme events. Extreme value theory (EVT) has been previously adopted in channel modeling to characterize the lower tail of received powers in URC systems. In this paper, we propose a multivariate EVT (MEVT)-based channel modeling methodology for tail of the joint distribution of multi-channel by characterizing the multivariate extremes of multiple-input multiple-output (MIMO) system. The proposed approach derives lower tail statistics of received power of each channel by using the generalized Pareto distribution (GPD). Then, tail of the joint distribution is modeled as a function of estimated GPD parameters based on two approaches: logistic distribution, which utilizes logistic distribution to determine dependency factors among the Frechet transformed tail sequence and obtain a bi-variate extreme value model, and Poisson point process, which estimates probability measure function of the Pickands angular component to model bi-variate extreme values. Finally, validity of the proposed models is assessed by incorporating the mean constraint on probability measure function of Pichanks coordinates. Based on the data collected within the engine compartment of Fiat Linea, we demonstrate the superiority of proposed methodology compared to the conventional extrapolation-based methods in providing the best fit to the multivariate extremes.