This article illustrates a Bayesian inference methodology for the parametric evaluation of the reliability of power system components in the presence of voltage harmonics. The methodology starts from an experimentally-based life model for solid insulation under distorted voltage, which belongs to the class of the popular Inverse Power Model. Thereafter, a novel approach is developed for building the prior distribution of the unknown life model parameters, described by a joint Normal distribution, that implies a Lognormal model for the hazard rate and the Mean Time To Failure. The applicability and efficiency of the proposed Bayesian methodology is checked by means of a broad amount of Monte Carlo simulations performed for the insulation of ...