It is understood that grain boundary cavitation is one of the detrimental processes for the degradation of materials that reduces the creep-fatigue life at high temperatures. In a previous investigation, a model for life prediction under creep-fatigue conditions was proposed in terms of cavity nucleation and growth. In that model, the cavity nucleation factor (P) was introduced to correlate between the number of cavities and the plastic strain range from which athermal vacancies are generated. It was considered to be a material specific constant which was independent of the experimental conditions. However, in this study, it is found that the cavity nucleation factor is a function of the plastic strain range but is independent of the testing temperature at near 0.5 T-m. In the light of this dependency, a new cavity nucleation factor (P’), is introduced. Using this new cavity nucleation factor (P’), a modified equation for life prediction is proposed, and it is shown that there is good agreement between predicted and experimental lives. Additionally, an interesting approach has been made to find the physical meaning of the new cavity nucleation factor (P’). According to this study, it is suggested that the new cavity, nucleation factor, which is regarded as a material specific constant, is found to be strongly related to the density of the grain boundary precipitates with a linear relationship existing between them.