The currents flowing from a localized corrosion site (LCS) on passive stainless steel in air‐saturated have been studied using a vibrating probe electrode. The potential behavior during applied currents was analyzed by assigning equivalent circuits to the passive surface and the localized site so that the paths of the current across the passive surface and the LCS could be calculated and compared with the measured values. The equivalent circuit of the passive surface without active localized corrosion was determined from potential transients and was found to be dependent on the prior history of the electrode. The LCS was equated to a resistance with an EMF which were calculated from the LSC current and specimen potential. The variations of this resistance were attributable to changes in solution resistance adjacent to the LCS. It was found that the capacitance of the passive surface played a major role during potential transients and the initiation of pitting.