The performance of Smith prediction monitoring automatic gauge control (AGC) system is influenced by model mismatching greatly in strip rolling process. Aiming at this problem, a feedback-assisted iterative learning control strategy, which learned unknown modeling error by using previous control information repeatedly, was introduced into Smith prediction monitoring AGC system. Firstly, conventional Smith predictor and improved Smith predictor with PI-P controller were analyzed. Secondly, on the basis of establishing of feedback-assisted iterative learning control strategy for improved Smith predictor, process control signal update law and control error were deduced, then convergence condition of this strategy was put forward and proved. Finally, after modeling the automatic position control system, the PI-P Smith prediction monitoring AGC system with feedback-assisted iterative learning control was researched through simulation. Simulation results indicate that this system remains stable during model mismatching. The robustness and response of monitoring AGC is improved by development of feedback-assisted iterative learning control strategy for PI-P Smith predictor.