The effects of rare earth element (R.E.) and cooling rate on the eutectic reaction of flake graphite cast irons were studied by combined analysis of macro/micro-structure and cooling curve data. The correlation between eutectic reaction parameter and macro/micro-structure was systematically investigated. Two sets of chemical compositions with the different addition of R.E. were designed to cast. Three types of molds for cylindrical specimens with the different diameters were prepared to analyze cooling rate effect. The difference between undercooling temperature and cementite eutectic temperature (${Delta}T_1=T_{U}-T_{E,C}$), which is increased by adding R.E. and decreased by increasing cooling rate, is considered to be a suitable eutectic reaction parameter for predicting graphite morphology. According to the criterion, A-type graphite is mainly suggested to form for ${Delta}T_1$ over $20^{circ}C$. Eutectic reaction time (${Delta}t$), which is decreased by adding R.E. or increasing cooling rate, is a suitable eutectic reaction parameter for predicting eutectic cell size. Eutectic cell size is found to decrease in a proportion to the decrease of ${Delta}t$.