An example method for cloud-based resource availability calculation of a network environment is provided and includes receiving a plurality of system error log (SEL) data in real time at a virtual appliance executing in a first network. The SEL data is received from a remote second network indicating system events associated with corresponding resources in the second network. The method further includes calculating a resource availability (RA) index indicative of availability of resources for workload deployment in the second network, and sending the RA index to a management application executing in the second network for appropriate management and allocation of resources in the second network. In specific embodiments, the method further includes receiving a SEL inventory associated with a specific resource in the second network, and updating the RA index based on the SEL inventory.