In this paper, we propose a service‐independent, user‐perspective reliability analysis index for the modern virtual service networks to quantify the magnitude of failure impacts in terms of actual user‐perceived value. If a virtual service network encounters failures, it will generate disruptions to the demand traffic. The proposed algorithm observes these disrupted demand flows and then maps that value to the overall network reliability. Comparative analysis and simulation results show that our proposed method is suitable for reliability evaluation in modern virtual service networks and can provide acceptable accuracy. Consequently, it can be used by service providers as a reliability indicator to monitor the application‐specific reliability for each virtual service network.