An electrochemical noise method, apparatus and system may be used to estimate and/or calculate parameters of interest related to corrosion rates of an electrically conductive article. The apparatus involves a working electrode (having substantially the same composition of the electrically conductive article), a reference electrode, and a counter electrode in an environment of interest. The working electrode is placed under potentiostatic control. A current transient between the working electrode and the counter electrode is measured. The working electrode is switched to open potential. A potential transient is measured over the duration of a localized corrosion event. The localized corrosion may then be calculated based on the measured potential transient and the current transient.