A method and an apparatus for link performance abstraction for a receiver employing Interference-Aware Communications (IAC) technology in a wireless communication system are provided. A method for operating a receiving apparatus for the link performance abstraction in the wireless communication system, includes receiving an Orthogonal Frequency Division Multiplexing (OFDM) over a plurality of spatial layers, splitting and post-processing the received signal based on the spatial layers, deriving a post-processing Signal-to-Interference-plus-Noise Ratio (SINR) of each spatial layer, converting the post-processing SINR of the spatial layers to a Mutual Information per coded Bit (MIB) adaptively tuned based on an instantaneous Interference-to-Signal Ratio (ISR), and estimating a Block Error Rate (BLER) from a mean of the MIB metrics of the spatial layers.