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Quantifying the health condition of bare overhead conductors is an enabler for an effective condition-based risk management of the power distribution network. This paper presents a health index calculation methodology derived for the bare overhead conductors in the Australian power distribution networks. Proposed methodology is based on a customizable weighted sum algorithm and uses a set of input parameters, which are readily available for the asset managers. Industry experts' experience and conductor failure statistics are used for determining the most significant input parameters and corresponding numerical values. Finally, a methodology for correlating the conductor health index with the probability of failure is demonstrated on a set of copper and aluminum conductors. The methodologies developed in this paper could improve the accuracy and effectiveness of condition monitoring and asset management of bare overhead conductors in the power distribution networks.