The correlation among the indenter modulus, the elongation-at-break, and the breakdown-voltage strength for the ethylene propylene rubber (EPR) cables subjected to long-term thermal aging and high-temperature water submerging conditions were investigated in this work. The mechanical and electrical limits of EPR insulation material were evaluated by using an indenter modulus, with non-destructive advantage, to monitor the cable condition and to assess its remaining life. Results show that it is plausible to use indenter modulus to monitor the EPR cables for the condition approaching the end of cable service life. Testing parameters on indenter modulus, including indenter diameter, penetration speed, and penetration depth, were studied for monitoring cable degradation condition. Finally, this paper discusses the cable acceptance criteria under thermal and moisture-related aging environments. Results show that the breakdown-voltage strength is a better acceptance criterion for assessing the cable aging condition in a wet environment. While, if the cable is located in a high temperature environment, the elongation-at-break is a better criterion.