Abstract: School events are disrupted by natural disasters, health crises, or other unforeseen circumstances. When physical gatherings become impossible but cancellation is undesirable, institutions often shift events to virtual platforms. However, studies have identified limitations of virtual events, including reduced spontaneity, limited interpersonal interaction, and weaker feelings of presence and connection. Recent research suggests that virtual environments capable of simulating shared spaces may help overcome these limitations. This study investigates the metaverse as an alternative venue for school events. Guided by the Social Presence–Virtuality of Environment–Location Cube, Ecological Systems Theory, and the Metaverse Experience and Technology Acceptance model, a quasi-experimental design with constrained group-based allocation compared experiences across physical, videoconferencing, and metaverse-based events. Physical venues produced the highest ratings for environmental support and satisfaction. Nevertheless, metaverse-based events generated higher engagement than videoconferencing and were perceived as similarly engaging to students’ prior in-person event experiences. Participants also reported stronger social presence in the metaverse than in videoconferencing environments, indicating that immersive virtual spaces better support shared experiences. Students preferred physical and metaverse formats over videoconferencing for school events. Overall, the findings suggest that the metaverse is a promising alternative for sustaining student interaction and engagement when physical venues are unavailable.