A method for predicting time-to-failure and remaining-life of an electrical power system asset includes analyzing characteristics of the power system asset over a specified time interval; based on the analysis, associating the power system asset with a pool of similar power system assets having similar historical performance characteristics; and based on the association, calculating time-to-failure and remaining-life probability factors for the power system asset. A computer program product is also provided for carrying out the method, and the method may further include a mechanism whereby the computer program learns ways to modify and enhance the analysis of the performance characteristics to provide for higher confidence levels in time-to-failure and remaining-life probability calculations.