This study aims to propose a simplified equation for estimating the bond strength of corroded reinforcing bars. To this end, extensive parametric analyses were performed using the detailed analysis method presented in the authors’ previous study, where a wide range of critical variables were considered, such as compressive strength of concrete, net cover thickness, and reinforcing bar diameter. The sensitivity in bond strength of the corroded reinforcing bar according to each variable was evaluated. On this basis, a simplified formula for the bond strength of the corroded reinforcing bar was derived through regression analysis. The proposed equation was rigorously tested and verified using the bond test results of corroded reinforcing bars collected from the literature. The results confirmed that the proposed equation could estimate the bond strengths of specimens with better accuracy than the existing models, providing a reliable tool for engineers and researchers. In addition, the proposed equation was used to analyze the development length required for corroded tensile reinforcement to exert its yield strength, and it showed that the cover thickness of concrete must be at least four times the diameter of the reinforcing bar to achieve the yielding strength of reinforcing bar even at a corrosion degree of more than 5.0%.