In this study, we propose a joint source/channel rate control algorithm for video encoder targeting packet erasure channel. Based on the buffer constraints of video communication systems, encoding rate constraint is presented. After defining source distortion models for coded and skipped video frames and a channel distortion model for packet errors and their propagation, an average distortion model of received video is proposed for a given encoding window. Finally, we define an optimization problem to minimize the average distortion for given channel rates and packet loss rates by controlling spatio-temporal parameters of source video and FEC block sizes. Then, we propose a window-based algorithm to solve the problem in real-time.