One embodiment of the present invention provides a system that estimates residual life of a software system under a software-based failure mechanism. During operation, the system first constructs a prognostic database for the software-based failure mechanism based on a plurality of software systems of the same type as the software system, wherein the prognostic database includes a set of prognostic readings associated with the software-based failure mechanism from the plurality of software systems. Note that a given prognostic reading in the prognostic database comprises: (1) a symptom index, which is a function of one or more variables associated with the software-based failure mechanism; and (2) a residual life, which is the remaining time to a failure under the software-based failure mechanism. Next, the system obtains a symptom index value from the software system which is being monitored. The system then estimates a residual life for the software system under the software-based failure mechanism by comparing the symptom index value with the prognostic readings in the prognostic database.