We present a physical-analytical model for the potential distribution at Pt nanodeposits in a polymer electrolyte membrane (PEM). Experimental studies have shown that solid deposits of Pt in PEM play a dual role in radical-initiated membrane degradation. Surface reactions at Pt particles could facilitate the formation as well as the scavenging of ionomer-attacking radical species. The net radical balance depends on local equilibrium conditions at Pt nanodeposits in the PEM, specifically, their equivalent local electrode potential. Our approach utilizes a continuum description of crossover fluxes of reactant gases, coupled with the kinetics of electrochemical surface reactions at Pt nanodeposits to calculate the potential distribution. The local potential is a function of the PEM structure and composition, which is determined by PEM thickness, concentrations of H2 and O2, as well as the size and density distribution of Pt particles. Model results compare well with experimental data for the potential distribution in PEMs.