This paper proposes a new approach for remaining useful life prediction that combines a bond graph, the Gaussian Mixture Model and similarity techniques to allow the use of both physical knowledge and the data available. The proposed method is based on the identification of relevant variables that carry information on degradation. To this end, the causal properties of the bond graph (BG) are first used to identify the relevant sensors through the fault observability. Then, a second stage of analysis based on statistical metrics is performed to reduce the number of sensors to only the ones carrying useful information for failure prognosis, thus, optimizing the data to be used in the prognosis phase. To generate data in the different system state, a simulator based on the developed BG is used. A Gaussian Mixture Model is then applied on the generated data for fault diagnosis and clustering. The Remaining Useful Life is estimated using a similarity technique. An application on a mechatronic system is considered for highlighting the effectiveness of the proposed approach.