The external, unbonded prestressed concrete(PSC) members exhibit very different structural behavior from that of internal bonded PSC members because of eccentricity change and slip occurrence during loading process. The purpose of the present study is to propose the ultimate failure stresses of prestressing (PS) steels for those external unbonded PSC members. To this end, a comprehensive analysis has been made using the nonlinear finite element analysis program developed recently for external unbonded PSC members by authors. A series of major influencing variables have been included in the analysis. It was found that the span-depth ratio, neutral axis depth-effective depth ratio, load geometry, amount of ordinary steel, and prestressing steel ration have great influence for the ultimate failue stress of PS steel is preposed and is compared with experimental dat as well as existing formulas for internal unbonded members. The Comparison indicates that the proposed equation agrees relatively well with experimental data and that existing formulas including ACI and AASHTO equations show some discrepancies from experimental ones. The present study allows more realistic analysis and design of prestressed concrete structures with external unbonded tendons.