Reclaimed asphalt pavement (RAP) has gained popularity for its sustainability and cost-effectiveness in road construction, reducing natural materials and material costs. However, the high variability in RAP, the complexities associated with the processing of RAP, and the lack of reliable evaluation methods limit the usage of high RAP content in hot mix asphalt construction. There is an increasing need to enhance the recycled mix quality and RAP utilization which may be easily implementable for the field practitioners. RILEM TC237-SIB recommended a simple protocol for RAP characterization, focusing on basic tests such as gradation, fragmentation, and cohesion tests. The cohesion test helps to assess the RAP binder activation by capturing the material sensitivity to different conditioning temperatures (100, 120, and 140 °C). The current study evaluated the performance of 100% RAP mixes rejuvenated with waste engine oil (WEO). WEO is proven to improve the pavement’s fatigue life by restoring the fundamental physical properties of aged asphalt, such as the phase angle and complex moduli. Hence, the RAP mixes used for the study were rejuvenated by adding rejuvenator at dosages of 0, 5, 9, 12, and 15%. The cracking susceptibility of the mixes was evaluated using the IDEAL-CT test and the optimum rejuvenator dosage was identified as 9% at 100 °C, 5% at 120 °C, and 9% at 140 °C. Further, an attempt was made to check the feasibility of using the simple cohesion test as an indicator of RAP mix performance by comparing the cohesion test results with the IDEAL-CT values.