Pipe breaks in municipal water distribution networks may cause serious damage economically and socially. Existing methods for replacement scheduling of pipes do not provide practical indicators for replacing an individual deteriorated pipe. This work formulates the selection problem as the decision of preference ordering or ranking and proposes a bipartite ranking-based approach. The suggested approach also considers loss from broken pipes in terms of the costs associated with broken water main and its repair. We use rank aggregation method to integrate multiple ranks into replacement order of water mains. The suggested framework prioritizes current pipe sections for replacement based on the aggregated ranks. Multiple ranks given by the reliability of water pipe sections are aggregated and a cost effective policy for pipe replacement is derived.