This paper presents a novel evaluation method of life expectancy of power system equipment. The life expectancy means expected remaining lifetime; it can be usefully utilized to maintenance planning, equipment replacement planning, and reliability assessment. The proposed method is composed of three steps. Firstly, a cumulative probability for future years is evaluated for targeted age year. Secondly, the cumulative probability is modeled by well-blown cumulative distribution function(CDF) such as Weibull distribution. Lastly, life expectancy is evaluated as the mean value of the model. Since the model CDF is established in the proposed method, it can also evaluate the probability of equipment retirement within specific years. The developed method is applied to examples of generators of combined cycle power plants to show its effectiveness.