Corrosion in pipeline walls can lead to severe loss of material to a point which will cause complete loss of pipeline integrity. The contemporary approach of corrosion prevention is to use internal lining system to isolate the corrosive medium from the inner surface of the host pipe. The objective of this study is to assess the burst pressure of pipelines with internal corrosion defects. The mechanical response of carbon steel API X42, X52, and X70 pipe grades are empirically estimated and implemented in a finite element model. The geometry of an internal corrosion defect is defined through its depth, width, and length, and a parametric study is undertaken to investigate the influence of the corrosion defect parameters to the overall burst pressure of the pipe. Based on the results from the parametric study, the Buckingham π-theorem is used to derive an analytical closed-form expression to predict the burst pressure of internally corroded pipes, which is found to agree markedly well with the experimental results.