This work introduces a new Lagrangian strain‐based model to predict the shear‐induced hemolysis in biomedical devices. Current computational models for device‐induced hemolysis usually utilize empirical fitting of the released free hemoglobin (Hb) in plasma from damaged red blood cells (RBCs). These empirical correlations contain parameters that depend on specific device and operating conditions, thus cannot be used to predict hemolysis in a general device. The proposed algorithm does not have any empirical parameters, thus can presumably be used for hemolysis prediction in various blood‐wetting medical devices. In contrast to empirical correlations in which the Hb release is related to the shear stress and exposure time without considering the physical processes, the proposed model links flow‐induced deformation of the RBC membrane to membrane permeabilization and Hb release.