A computer system and method for predicting the aqueous phase CO2 corrosion rate of a pipe useful in the production and transportation of oil and gas. Input parameter values corresponding to water chemistry and physical fluid and pipe properties are received. Based on these input parameter values, the system and method derive current-voltage relationships for multiple cathodic reduction reactions according to an electrochemical model of the corrosion reaction, and a current-voltage relationship for the anodic oxidation reaction of iron dissolution. A current density is obtained, at the intersection of an extrapolation of the anodic current-voltage relationship and an extrapolation of the summed cathodic current-voltage relationships. The predicted corrosion rate is then calculated from the obtained current density. The effects of secondary parameters such as scale and flow regime, and the efficacy of a corrosion inhibitor, can also be evaluated.