Underwater image compression is an important and essential part of an underwater image transmission system. An assessment and prediction method of effectively compressed image quality can assist the system in adjusting its compression ratio during the image compression process, thereby improving the efficiency of the image transmission system. This study first estimates the perceived quality of underwater image compression based on embedded coding compression and compressive sensing, then builds a model based on the mapping between image activity measurement (IAM) and bits per pixel and structural similarity (BPP-SSIM) curves, next obtains model parameters by linear fitting, and finally predicts the perceived quality of the image compression method based on IAM, compression ratio, and compression strategy. Experimental results show that the model can effectively fit the quality curve of underwater image compression. According to the rules of parameters in this model, the perceived quality of underwater compressed images can be estimated within a small error range. The presented method can effectively estimate the perceived quality of underwater compressed images, balance the relationship between the compression ratio and compression quality, reduce the pressure on the data cache, and thus improve the efficiency of the underwater image communication system.