The “wet-rail” phenomenon results in low adhesion between wheel and rail throughout the year, occurring transiently on a slightly wet, or drying railhead. It has been previously proposed that it is caused by a mixture of iron oxides and small amounts of water (from dew or precipitation) on the railhead that form a friction reducing paste. This paper outlines a novel combination of rheology, modelling and experimental work using a twin disc test rig to determine how the rheology of this iron oxide paste affects adhesion. The yield strength of different types of iron oxides, along with solid oxide fraction of the friction reducing paste, was assessed and used as an input into an “adhesion model” for assessing water and oxide suspensions. The rheological and modelling results were compared against very low adhesion recorded in twin disc experimental validation when simulating the wet-rail phenomenon.