A model for interphase precipitation has been developed based on the ledge mechanism of austenite-to-ferrite transformation. Carbide precipitation is considered on the migrating ferrite/austenite interface as an interaction of transformation and precipitation kinetics. The derived equations describe sheet spacing and particle spacing of interphase-precipitated carbides as well as the overall interface velocity which are related to the nucleation rates of carbides and ferrite ledges, respectively. The microstructure characteristics of interphase precipitation are predicted as a function of transformation temperature and steel composition and replicate trends observed experimentally.