Rockburst is a kind of dynamic rock failure process that is easily induced by the excavation of a high-stress rock mass. However, from an energy perspective, the existing indexes for rockburst tendency have a limitation in that they do not consider the energy release speed. In this study, energy release effectiveness was proposed based on the local energy release rate while considering the influence of the energy release speed. The index can evaluate the stability of surrounding rock during the excavation of high-stress rock. The index can be obtained by recording the strain energy density of every element in the model during excavation and identifying the maximum strain energy density (Eimax), the minimum strain energy density (Eimin), the maximum time (timax), and the minimum time (timin) to calculate energy release speed and energy release effectiveness. A case study of the excavation of an experimental tunnel, namely, the URL of AECL, was adopted to validate the index. The results indicated that the proposed index can clearly identify the location and strength of the impact tendency area, and it can be effectively applied to the stability analysis during the excavation of deep tunnels.