Composite overwraps are a cost-effective repair technology, appropriate for corrosion defects, dents, and gouges for both onshore and offshore steel pipelines. The main benefit of polymer-based sleeves is safe installation without taking the pipeline out of service. This paper presents a new calculation procedure proposed in the form of an algorithm for the sizing of composite repairs of corroded pipelines when the sleeve is applied at zero internal pressure. The main objective of the presented methodology is determination of the effective thickness of the composite repair without its overestimation or underestimation. The authors used a non-linear finite element method with constitutive models allowing analysis of the steel, putty, and composite structures. The validation of the results of numerical computations compared to the experimental ones showed an appropriate agreement. The numerical calculations were applied to compare the analytical results in relation to those obtained by the standards ASME PCC-2 or ISO/TS 24817. The comparison showed that the proposed solution confirmed its effectiveness in reducing the thickness of the sleeve significantly, thus, showing that the current industrial standards provide a considerably excessive composite wrap around the steel pipe corroded area, which leads to an unnecessary increase in the repair costs.