The aim of this paper is to design a method for assessing the life of steam pipes for Czech power plants. The most widely-used material in Czech power plants is steel 15 128. Our findings may also be applied for international equivalents of this steel. The paper shows the classification of cavitation damage and microstructure classification status, based on the German VGB Act, with references to EPRI law in the USA. Calculations of remaining life on the basis of Russian experience are also shown. The possibility of applying this method to increase the operating parameters for power plants is discussed.