We present resonant Raman spectra of spin excitations in PrBa2Cu3O7 single crystals up to a 10000 cm-1 Raman shift in an A1g and B1g polarization geometry. In accordance with the theory of resonant two-magnon scattering by Chubukov and Frenkel [Phys. Rev. Lett. 74, 3057 (1995)] we find a separate peak at 4J in the A1g spectra near resonance and the predicted resonance behavior of the peak at 3J in B1g symmetry as well as an increased scattering intensity in A1g symmetry. The superexchange energy J is (770±20) cm-1 and the resonance position of the two-magnon excitation is 2.79 eV. We observe a distinct high-energy tail extending up to 10J, which is most likely due to multimagnon processes. Moreover, an additional peak can be attributed to a luminescence at an energy of 2.14 eV.