Probabilistic failure risk analysis of aeroengine life-limited parts is of great significance for flight safety. Current probabilistic failure risk analysis uses equal amplitude load calculations for conservative estimation, avoiding inclusion of the interference effect analyzing random loads due to its massive computational complexity and leading to reduced analysis accuracy. Here, an efficient algorithm is established to solve this computational problem, and an analytical framework is established to consider the interference effect of variable amplitude load. The corresponding probabilistic failure risk analysis is performed for the centrifugal compressor disk. The results show that considering the interference effect of random variable amplitude loads causes a significant decrease in the risk of failure, and the efficient algorithm has advantages over the Monte Carlo sampling method in accuracy and efficiency when considering load interference. This work provides a reference for exploring the probabilistic damage tolerance method under complex loads and supports the optimal design of life-limited parts.