The 42-year-old model walked out on the 68-year-old singer after a blazing row and Rod was devastated, and spent his time pining over over a photograph of the blonde beauty.
The couple reconciled by the emotional experience has inspired a track on the musician's new album 'Time'.
He said: ''I cover Tom Waits' 'Picture In A Frame' on my new album. Penny and I broke up for two weeks and the song is about that time. I asked for a photo of her in a frame so that I could see her when I went to bed and when I woke up.''
Notorious womaniser Rod has been with Penny for 13 years and married her in June 2007 and has two ex-wives Rachel Hunter and Alana Hamilton.
The 'Maggie May' singer - who has eight children with five women, including Alastair, seven, and Aiden, two, with Penny - has learnt some valuable lessons in maintaining a happy relationship over the years.
Speaking to Australian magazine Life, Rod explained: ''My relationship rule is, 'Don't argue after a glass of wine - leave debating until the morning.'
''I have always loved women, won some, lost some, but it's not about the magic touch, it's about being a better person and a good listener. I met Penny in my 50s and if I had not learnt by that point in my life I was never going to.''