One embodiment of the present invention provides a system for predicting a remaining useful life (RUL) for a component in a set of components within a computer system. The system starts by collecting values of at least one degradation-related parameter associated with the operation of a monitored component within the computer system. Note that the degradation-related parameter is a direct measurement of a degree of degradation of the monitored component. The system additionally collects values of at least one stress-based parameter from the computer system. Note that the stress-based parameter measures an accumulative stress in the operating environment of the set of components which can cause degradation of the set of components. The system then uses the values of the at least one degradation-related parameter and the values of the at least one stress-based parameter to predict an RUL for a component in the set of components.