In this paper, luminance compensation and optimization without internal or external sensing circuits to delay OLED degradation based on equivalent lifetime detection is proposed. The proposed method can estimate the dynamic luminance degradation with the equivalent lifetime equation derived by converting display time of any OLED cell at different luminance to a reference display time at a certain luminance. According to the calculated equivalent lifetime, luminance compensation is carried out by increasing drive current. In order to obtain a better lifetime extension of the OLED, three key parameters, such as compensation iteration m, compensation goal value Lgoal, and compensation origin value Lorigin are optimized. Experimental results indicate that the relative error of dynamic luminance degradation estimation is about 2.2% with the proposed method. The lifetime of OLED cells can be prolonged by 32.64% with the optimized parameters m=5, Lorigin/L0=0.75, and Lgoal/L0=0.83.