An attempt was made to predict the macroscopic plastic flow of a high-performance pipeline steel, consisting of dual constituent phases (soft ferrite and hard bainite), by performing nanoindentation experiments on each microphase with two spherical indenters that have different radii (550 nm and 3.3 μm). The procedure is based on the well known concepts of indentation stress-strain and constraint factor, which make it possible to relate indentation hardness to the plastic flow of the phases. Additional consideration of the indentation size effect for sphere and application of a simple “rule-of-mixture” led us to a reasonably successful estimation of the macroscopic plastic flow of the steel from the microphases properties, which was verified by comparing the predicted stress-strain curve with that directly measured from the conventional tensile test of a bulky sample.