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Reliability and durability of photovoltaic modules are a key factor for the development of emerging PV markets worldwide. Reliability is directly dependent on the chemical and physical stability of the polymeric encapsulation materials. One method capable of detecting ageing effects of the polymeric encapsulant directly on-site is UltraViolet Fluorescence (UVF) imaging. This work deals with advanced imaging analysis of UVF images and the subsequent correlation to electrical parameters of PV modules, which were exposed to climate-specific, long-term, accelerated aging procedures. For establishing a correlation, a so called UVF area ratio was established, resulting from the typical fluorescence patterns of the encapsulant material, which arise due to stress impact (e.g., water vapor ingress, elevated temperature, irradiation) and aging/degradation processes. Results of the data analysis show a clear correlation of the UVF area ratios and the electrical parameters with increasing aging time. In particular, the relationship between power and series resistance could be confirmed by extensive long-term test series with different climate-specific aging processes. Assuming the same type of polymeric encapsulation and backsheet and a comparable climate, determining the UVF area ratio can be used to estimate the service life and electrical power dissipation of each module installed in a PV array.