Rolling bearing fatigue life is an essential criterion in industrial equipment design and manufacturing and requires precise maintenance and replacement predictions. ISO/TS 281:2007 and 16281:2008 are commonly used for angular contact ball bearing (ACBB) fatigue life calculations, but they do not account for the characteristics of individual bearing elements under combined loading conditions. This study proposes an enhanced formula for calculating fatigue life modification factors that considers individual element-specific contact loads and resulting film thickness variations. The proposed fatigue life formula provides longer life predictions than the conventional method of determining modification factors based solely on maximum contact loads. This difference is particularly noticeable in low-speed and/or heavy-loading applications. Analysis conducted using the proposed fatigue life formula on various factors affecting fatigue life revealed that fluid kinetic viscosity coefficients, temperature-associated density changes, and changes in radial loads and rotational speeds could significantly impact the fatigue life of ACBBs. The proposed fatigue life formula is expected to increase the accuracy of ACBB fatigue life predictions.