The fatigue strength of cast steel components is severely affected by manufacturing process-based bulk and surface imperfections. As these defect structures possess an arbitrary spatial shape, the utilization of local assessment methods is encouraged to design for service strength. This work applies the elastic–plastic strain energy density concept to study the fatigue strength properties of a high-strength cast steel alloy G12MnMo7-4+QT. A fatigue design limit curve is derived based on non-linear finite element analyses which merges experimental high-cycle fatigue results of unnotched and notched small-scale specimens tested at three different stress ratios into a unique narrow scatter band characterized by a scatter index of 1:TΔW¯¯¯¯(t)=2.43. A comparison to the linear–elastic assessment conducted in a preceding study reveals a significant improvement in prediction accuracy which is assigned to the consideration of the elastic–plastic material behaviour. In order to reduce computational effort, a novel approximation is presented which facilitates the calculation of the elastic–plastic strain energy density based on linear–elastic finite element results and Neuber’s concept. Validation of the assessment framework reveals a satisfying agreement to non-linear simulation results, showing an average root mean square deviation of only approximately eight percent in terms of total strain energy density. In order to study the effect of bulk and surface imperfections on the fatigue strength of cast steel components, defect-afflicted large-scale specimens are assessed by the presented elastic–plastic framework, yielding fatigue strength results which merge into the scatter band of the derived design limit curve. As the conducted fatigue assessment is based solely on linear–elastic two-dimensional simulations, the computational effort is substantially decreased. Within the present study, a reduction of approximately 400 times in computation time is observed. Hence, the established assessment framework presents an engineering-feasible method to evaluate the fatigue life of imperfective cast steel components based on rapid total strain energy density calculations.