This study aims to develop a flow rule for evaluating the relaxation and redistribution of residual stresses during the post-weld heat treatment (PWHT) of hydroelectric runners made from low-carbon martensitic stainless steel (13Cr-4Ni composition). During the PWHT, austenite reforms in the filler metal and surrounding areas of the base metal near welded joints. The evolving inelastic strain rate with reformed austenite led to defining two distinct flow rules in the pure martensitic (α′) and austenitic (γ) phases. A linear rule of mixture was then applied to assess global effective stress based on the inelastic strain rate and current austenite fraction during the PWHT. A unified constitutive model incorporating drag stress and back stress, evolving with creep and plastic deformation mechanisms during the PWHT, described the stress–strain behavior. To validate this analysis, a third flow rule was determined in the 18% tempered austenitic microstructure, compared with the rule of mixture’s effective stress contribution from each phase on the inelastic strain rate. Isothermal constant strain rate tests in stabilized crystalline microstructures evaluated constants specific to their respective flow rules. This study demonstrates the stability of reformed austenite at elevated temperatures during slow cooling and its significant influence on the mechanical properties of 13Cr-4Ni steels. The effectiveness of estimating yield stress using the rule of mixture based on individual phase behaviors is also confirmed.