The commonly accepted Cathodic Protection (CP) criterion i.e. 100 mV decay evolves from experimental investigations and may not always be accurate. Alternatively, corrosion rate monitoring can assess the adequacy of CP. This work examines the possibility of predicting the corrosion rate of steel in concrete using polarization data induced by known applied current density using Butler Volmer equation. For this, the value of cathodic Tafel slope (βc) plays an important role; decreasing βc from 210 to 60 mV, decreases the corrosion rate by 92% at 20 mA/m2 current density.The adequacy of the proposed method is evaluated by applying Impressed Current Cathodic Protection (ICCP) to concrete specimens which have a zinc rich paint (ZRP) as an external anode for a short duration of time. Results showed that to achieve at least 100 mV of depolarization, the applied current density should be at least 7 times the corrosion rate for the ZRP anode. However, this holds true, considering the short duration of the tests. Prediction of the corrosion rate of steel from potential shift forms the basis for the improved CP performance criterion for reinforced concrete structures.