In this paper, an improved size-independent instrumented spherical indentation test (ISIT) method was proposed to determine tensile strength and fracture toughness on wheel rims of two different types of wheel steels. Additionally, Charpy impact specimens were taken from three specific positions on the wheel rims and subjected to standard Charpy impact testing. The resulting Charpy impact energy (CVN) were matched with the fracture toughness measured by ISIT (KIc,IT) at the same positions. There was a clear linear correlation between CVN and the square of KIc,IT, which was consistent with the established relationship between both properties as determined by conventional Charpy impact and compact tension tests. Therefore, we expanded the ISIT method to study the impact of cooling rates on the variation of yield strength and Charpy impact energy across the wheel rim. To accomplish this, we designated additional testing points on the wheel rim using the ISIT method. The investigation found trade-offs between strength and impact toughness of wheel steels under different cooling rates. The above findings demonstrated the effectiveness of using the ISIT method, which facilitated high-resolution fracture toughness measurement, to establish accurate correlation between CVN and fracture toughness of wheel steels. Moreover, this ISIT method can be employed to regulate heat treatment of material properties to meet specific application requirements.