After a survey on polymer plasticization theories and conventional criteria to evaluate polymer–plasticizer compatibility through the solubility parameter, an attempt to create a polymer–plasticizer polarity scale through solvatochromic dyes has been made. Since Reichardt’s ET(30) dye is insoluble in rubber hydrocarbon polymers like polyisoprene, polybutadiene and styrene–butadiene copolymers and is not useful for the evaluation of the hydrocarbons and ester plasticizers, the Nile Red solvatochromic dye was instead used extensively and successfully for this class of compounds. A total of 53 different compounds were evaluated with the Nile Red dye and wherever possible also with Reichardt’s ET(33) dye. A very good correlation was then found between the Nile Red scale E(NR) and Reichardt’s ET(30) scale for this class of compounds focusing on diene rubbers and their typical hydrocarbons and new ester plasticizers. Furthermore, the E(NR) scale also shows a reasonable correlation with the total solubility parameter calculated according to the Van Krevelen method. Based on the above results, some conclusion was made about the compatibility between the diene rubbers and the conventional plasticizers, as well as a new and green plasticizer proposed for the rubber compounds.