A method of predicting the health of and controlling a hydraulic pressure actuated torque converter lock-up clutch includes determining rotational input and output speeds of the torque converter. The method also includes determining a magnitude of the hydraulic pressure. The method additionally includes determining a level of performance of the clutch across multiple torque converter operating modes using the determined input and output torque converter speeds and the determined magnitude of the hydraulic pressure. The method also includes calculating a numeric state of health (SOH) coefficient of the clutch that quantifies a relative severity of degradation of a plurality of clutch characteristics across the multiple torque converter operating modes. Furthermore, the method includes executing a control action relative to the clutch when the calculated numeric SOH coefficient for specified torque converter operating mode(s) is less than a calibrated SOH threshold.