Soil erosion represents a complex ecological issue that is present on a global level, with negative consequences for environmental quality, the conservation and availability of natural resources, population safety, and material security, both in rural and urban areas. To mitigate the harmful effects of soil erosion, a soil erosion map can be created. Broadly applied in the Balkan Peninsula region (Serbia, Bosnia and Herzegovina, Croatia, Slovenia, Montenegro, North Macedonia, Romania, Bulgaria, and Greece), the Erosion Potential Method (EPM) is an empirical erosion model that is widely applied in the process of creating soil erosion maps. In this study, an innovation in the process of the identification and mapping of erosion processes was made, creating a coefficient of the types and extent of erosion and slumps (φ), representing one of the most sensitive parameters in the EPM. The process of creating the coefficient (φ) consisted of applying remote sensing methods and satellite images from a Landsat mission. The research area for which the satellite images were obtained and thematic maps of erosion processes (coefficient φ) were created is the area of the Federation of Bosnia and Herzegovina and the Brčko District (situated in Bosnia and Herzegovina). The Google Earth Engine (GEE) platform was employed to process and retrieve Landsat 7 Enhanced Thematic Mapper plus (ETM+) and Landsat 8 Operational Land Imager and Thermal Infrared Sensor (OLI/TIRS) satellite imagery over a period of ten years (from 1 January 2010 to 31 December 2020). The mapping and identification of erosion processes were performed based on the Bare Soil Index (BSI) and by applying the equation for fractional bare soil cover. The spatial–temporal distribution of fractional bare soil cover enabled the definition of coefficient (φ) values in the field. An accuracy assessment was conducted based on 190 reference samples from the field using a confusion matrix, overall accuracy (OA), user accuracy (UA), producer accuracy (PA), and the Kappa statistic. Using the confusion matrix, an OA of 85.79% was obtained, while UA ranged from 33% to 100%, and PA ranged from 50% to 100%. Applying the Kappa statistic, an accuracy of 0.82 was obtained, indicating a high level of accuracy. The availability of a time series of multispectral satellite images for each month is a crucial element in monitoring the occurrence of erosion processes of various types (surface, mixed, and deep) in the field. Additionally, it contributes significantly to decision-making, strategies, and plans in the domain of erosion control work, the development of plans for identifying erosion-prone areas, plans for defense against torrential floods, and the creation of soil erosion maps at local, regional, and national levels.