There are provided systems and methods for performing image compensation using image enhancement effects. In one implementation, such a system includes a computing platform having a hardware processor and a memory storing an image compensation software code. The hardware processor is configured to execute the image compensation software code to receive image data corresponding to an event being viewed by a viewer in a venue, the image data obtained by a wearable augmented reality (AR) device worn by the viewer, and to detect a deficiency in an image included in the image data. The hardware processor is further configured to execute the image compensation software code to generate one or more image enhancement effect(s) for compensating for the deficiency in the image and to output the image enhancement effect(s) for rendering on a display of the wearable AR device while the viewer is viewing the event.