The development of modern reusable launchers, such as the Themis project with its LOX/LCH4 Prometheus engine, CALLISTO—a reusable VTVL-launcher first-stage demonstrator with a LOX/LH2 RSR2 engine, and SpaceX’s Falcon 9 with its Merlin 1D engine, underscores the need for advanced control algorithms to ensure reliable engine operation. The multi-restart capability of these engines imposes additional requirements for throttling, necessitating an extended controller-validity domain to safely achieve low thrust levels across various operating regimes. This capability also increases the risk of component failure, especially as engine parameters evolve with mission profiles. To address this, our study evaluates the dynamic reliability of reusable rocket engines (RREs) and their subcomponents under different failure modes using multi-physics system-level modelling and simulation, with a particular focus on turbopump components. Transient condition modelling and performance analysis, conducted using EcosimPro-ESPSS software (version 6.4.34), revealed that turbopump components maintain high reliability under nominal conditions, with turbine blades demonstrating significant fatigue life even under varying thermal and mechanical loads. Additionally, the proposed predictive model estimates the remaining useful life of critical components, offering valuable insights for improving the longevity and reliability of turbopumps in reusable rocket engines. This study employs deterministic, thermally dependent structural simulations, with key control objectives including end-state tracking of combustion chamber pressure and mixture ratios and the verification of operational constraints, exemplified by the LUMEN demonstrator engine and the LE-5B-2 engine class.