Pipelines which transport and distribute petroleum products, oil, and gas, chemical substances, water, steam are vital to the economy. And these vital assets' health is adversely affected significantly by corrosion. Moreover, the corrosion of pipelines leads to periodical maintenance which often results in shutdown of operation and even leads to catastrophic failure of pipelines. Hence, an adequate monitoring system is required to detect and monitor corrosion in the pipelines. The Electromechanical Impedance Based method has emerged as the most promising non-destructive technique because of its ability to detect damage at an incipient level. This research work presents corrosion monitoring of mild steel pipelines using the Electromechanical Impedance Method (EMI). The corrosion monitoring was carried out for full surface corrosion and strip corrosion in mild steel specimens by simulating corrosion through the accelerated corrosion test. The variation in the conductance signature is used for the qualitative and quantitative evaluation of corrosion damage. The conductance of specimens is acquired using the LCR meter at regular intervals of time. Results indicate that the magnitude of conductance signature is decreased with an increase in the degree of corrosion. The quantification of corrosion amount is evaluated through Root Mean Square Deviation (RMSD), Moving Absolute Percent Deviation (MAPD), and Correlation Coefficient Deviation (CCD). All three matrices increase with the increase of the corrosion degree. The RMSD and CCD are consistent with the degree of corrosion. Among the three metrics, the MAPD has the most pronounced values and showed the highest sensitivity. The results from the study show promising development in SHM and illustrate the capability to quantify imminent corrosion in pipelines using damage indices.