In the present article, acoustic emission signals were utilized to predict the damage in polymer matrix composites, reinforced by carbon fibers, in the low-cycle fatigue regime. Displacement-controlled fatigue tests were performed on open-hole samples, under different conditions, at various displacement amplitudes of 5.5, 6.0, 6.5 and 7.0 mm and also under various displacement rates of 25, 50, 100 and 200 mm/min. After acquiring acoustic emission signals during cycles, two characteristic parameters were used, including the energy and the cumulative energy. Obtained results implied that the energy parameter of acoustic emission signals could be used only for the macroscopic damage, occurring at more than 65% of normalized fatigue cycles under different test conditions. However, the cumulative energy could properly predict both microscopic and macroscopic defects, at least two failure types, including matrix cracking at first cycles and the fiber breakage at last cycles. Besides, scanning electron microscopy images proved initially such claims under all loading conditions.