The production of total dissolved gas (TDG) supersaturation resulting from dam discharges has been identified as a causative factor for gas bubble disease (GBD) or mass mortality in fish. In this study, the mitigation solution for fish refuge in supersaturated TDG water was explored by using microbubbles generated by aeration to enhance supersaturated TDG dissipation. The effects of various aeration factors (aeration intensity, water depth, and aerator size) on the dissipation processes of supersaturated TDG were quantitatively investigated through a series of tests conducted in a static aeration column. The results indicated that the dissipation rates of supersaturated TDG increased as a power function with the factors of aeration intensity and aerator size and decreased as a power function with increasing water depth. A universal prediction model for the dissipation rate of supersaturated TDG in the aeration system was developed based on the dimensional analysis of the comprehensive elements, and the parameters in the model were determined using experimental data. The outcomes of this study can furnish an important theoretical foundation and scientific guidance for the utilization of aeration as a measure to alleviate the adverse impacts of supersaturated TDG on fish.