The railroad industry has historically used the 2-Parameter Weibull equation to determine the rate of rail fatigue defect occurrences and to forecast the fatigue life of railroad rail. However, the 2-Parameter Weibull equation has significant limitations to include inability to analyze segments of track with limited number of rail defects. These limitations are addressed through modification of the traditional 2-Parameter Weibull equation with a novel approach developed from Parametric Bootstrapping. The result is a Parametric Bootstrapping modified Weibull (PBW) forecasting approach. This methodology is applied to rail segments with insufficient numbers of defects to allow for appropriate defect forecasting analysis. Thus, the PBW method provides reasonable estimates of the rate of defects for track segments that have little or no prior defect history. This approach allows for more track to be analyzed and forecasts the probability of rail defect occurrence as a function of key parameters such as cumulative traffic over the rail. A validation of the proposed methodology was performed. Comparison of the output results of over 300,000 track segments with over 200,000 rail defects showed a major improvement in percentage of segments with reasonable Weibull parameters (alpha and beta). This percentage increased from 11% of segments using traditional Weibull analysis to 77% of segments using Parametric Bootstrap modified Weibull approach. These results show that the PBW Analysis approach introduced here offers a more accurate and effective approach to determining the probability of developing future rail defects. This provides a benefit to railroads in planning maintenance of their expensive rail assets.