Conductors in overhead transmission lines are exposed under various environmental conditions for a long period of time, so that they may be slowly degraded due to air pollutant or thermal history. Aged conductors may reduce power system reliability and public safety. Therefore, diagnosis of aged conductors in service becomes more important concerns with respect to keeping power delivery stable with a proper capability, replacing aged conductors, or constructing a new line. In this paper, we posed a new method to diagnose the refurbishment life and estimate the remaining life of aged conductors by measuring dips. As analyzing some relations of conductor temperature, conductor current, and tension load, it could be verified that dip exactly shows mechanical tension loss for aged conductor. Based on several simulation results, it was shown that the proposed method may be effectively used to diagnose the refurbishment life or remaining one of overhead conductors.