A comprehensive structural health monitoring (SHM) system is essential for damage detection, characterization and prognosis. The recent advent of smart materials, such as the electro-mechanical impedance (EMI) technique, employing the piezo-impedance transducers as collocated actuators and sensors, is known for its ability in damage detection and characterization. This study attempts to push forward this area of research, by developing a damage prognosis model employing the EMI technique. This proof-of-concept semi-analytical damage model incorporates the EMI technique, the finite element method and the theory of linear elastic fracture mechanics in predicting the remaining life of fatigue loaded structure. A 1-D analytical model considering the interaction between surface-bonded PZT transducer and axially loaded uniform beam is developed. The electrical admittance measured in the experiment is found to be affected by the axial load and the boundary condition. The damage detection capability of EMI technique under static axial load is finally investigated.