A turbine engine component comprising a substrate made of a nickel-base or cobalt-base superalloy and a protective coating overlying the substrate, the coating formed by electroplating at least two platinum group metals selected from the group consisting of platinum, palladium, rhodium, ruthenium and iridium. The protective coating is typically heat treated to increase homogeneity of the coating and adherence with the substrate. The component typically further comprises a ceramic thermal barrier coating overlying the protective coating. Also disclosed are methods for forming the protective coating on the turbine engine component by electroplating the platinum group metals.