Modern concepts in irreversible thermodynamics are applied to system transformation and degradation analyses. Phenomenological entropy generation (PEG) theorem is combined with the Degradation-Entropy Generation (DEG) theorem for instantaneous multi-disciplinary, multi-scale, multi-component system characterization. A Transformation-Phenomenological Entropy Generation (TPEG) theorem and space materialize with system and process defining elements and dimensions. The near-100% accurate, consistent results and features in recent publications demonstrating and applying the new TPEG methods to frictional wear, grease aging, electrochemical power systems cycling—including lithium-ion battery thermal runaway—metal fatigue loading and pump flow, are collated herein, demonstrating the practicality of the new and universal PEG theorem, and the predictive power of models that combine and utilize the PEG and DEG theorems. The methodology is useful for design, analysis, prognostics, diagnostics, maintenance and optimization.