Flow accelerated corrosion (FAC) of the carbon steel piping has been a significant problem in nuclear power plants. FAC occurs under certain hydrodynamic, environmental, and material conditions, and extensive research into the factors of FAC has been conducted. The basic process of FAC is now relatively well understood; however, a full mechanistic model has not yet been established. Recently, the Korea Atomic Energy Research Institute (KAERI) has built a large experiment loop system for FAC. To produce significant experimental results using this system, the factors affecting on FAC should be analyzed quantitatively, and a model needs to be developed. In this work, a statistical modeling methodology to develop an empirical model is described in detail, and a preliminary model is suggested. Firstly, FAC data were collected from the research literature in Japan and the results of domestic experiments. The flow rate, water temperature, pH at room temperature, and the Cr content are selected as major factors, and nonlinear regression is used to find the best fit of the available data. An iterative procedure between suggesting and evaluating a model is used until an optimum model is obtained. The developed model gives the FAC rate comparable to the measured FAC rate. The developed model is going to be refined using additional laboratory data in the future.